The Finance Bill 2024 is a bill that proposes changes to the tax framework in Kenya. The bill was introduced as part of Kenya's budget for next year. The bill proposes increased levies on a wide range of products and services.

Sources:
- [BBC](https://www.bbc.com/news/articles/ce77ld43lngo)
- [ABC News](https://abcnews.go.com/International/kenya-braces-protests-controversial-tax-bill/story?id=111243473)

The Finance Bill 2024 has not yet been introduced, so its specific provisions are not yet known. However, the Finance Bill is typically introduced in the UK Parliament in the spring of each year and sets out the government's tax and spending plans for the upcoming fiscal year. It is likely that the Finance Bill 2024 will include measures to implement the government's fiscal policy objectives, such as raising revenue, reducing the deficit, and stimulating economic growth.

The Finance Bill 2024 in Kenya proposes several significant changes to the country's tax framework. Here are some of the key aspects of the bill:

- **Scrapping Registration Requirements**: The bill seeks to eliminate the requirement that individual retirement funds, pension funds, and provident funds must be registered. This change aims to simplify the regulatory framework for these funds (Source: [Global Tax News](https://globaltaxnews.ey.com/news/2024-1032-kenya-proposes-tax-changes-under-the-finance-bill-2024)).

- **Motor Vehicle Tax**: A new motor vehicle tax is proposed, set at 2.5%. This tax is part of the broader effort to increase revenue from various sectors (Source: [KPMG](https://kpmg.com/us/en/home/insights/2024/05/tnf-kenya-tax-proposals-finance-bill-2024-pillar-two-global-minimum-tax.html)).

- **Withholding Tax on Goods**: The bill introduces a withholding tax on goods supplied to public entities. This measure is intended to ensure better tax compliance and collection from suppliers to the government (Source: [Bowmans](https://bowmanslaw.com/insights/kenya-the-finance-bill-2024/)).

- **Taxation of Digital Income**: Income from the operation of digital platforms will be taxed. This is part of the government's strategy to tap into the growing digital economy (Source: [Bowmans](https://bowmanslaw.com/insights/kenya-the-finance-bill-2024/)).

- **Global Minimum Tax**: The bill includes the implementation of the Pillar Two global minimum tax, aligning Kenya with international tax standards aimed at preventing profit shifting and tax base erosion (Source: [KPMG](https://kpmg.com/us/en/home/insights/2024/05/tnf-kenya-tax-proposals-finance-bill-2024-pillar-two-global-minimum-tax.html)).

- **Public Response and Amendments**: Following public outcry, the government has scrapped some proposed taxes, including a 16% levy on bread. This decision was made to address the concerns of citizens and stakeholders (Source: [BBC](https://www.bbc.com/news/articles/ce77ld43lngo)).

- **Protests and Public Outrage**: The bill has triggered significant protests across the country, with citizens demanding that lawmakers reject the proposed tax increases. The protests highlight the public's dissatisfaction with the increased financial burden (Source: [VOA News](https://www.voanews.com/a/kenyan-protesters-to-return-to-streets-over-tax-hikes/7663126.html)).

The Finance Bill 2024 is currently being debated in the Kenyan National Assembly, and its final form will depend on the outcomes of these discussions and further amendments.

Sources:
- [Global Tax News](https://globaltaxnews.ey.com/news/2024-1032-kenya-proposes-tax-changes-under-the-finance-bill-2024)
- [KPMG](https://kpmg.com/us/en/home/insights/2024/05/tnf-kenya-tax-proposals-finance-bill-2024-pillar-two-global-minimum-tax.html)
- [Bowmans](https://bowmanslaw.com/insights/kenya-the-finance-bill-2024/)
- [BBC](https://www.bbc.com/news/articles/ce77ld43lngo)
- [VOA News](https://www.voanews.com/a/kenyan-protesters-to-return-to-streets-over-tax-hikes/7663126.html)

Ask a lawyer: What is the finance bill 2024 about?

Ask a lawyer:
What is the finance bill 2024 about?