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:

1. **Scrapping Registration Requirements for Retirement Funds**:
   - 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)

2. **Introduction of New Taxes**:
   - The bill proposes the implementation of a motor vehicle tax set at 2.5%.
   - It also includes the introduction of a global minimum tax under Pillar Two, which is part of the international tax reform efforts.
   - Source: [KPMG](https://kpmg.com/us/en/home/insights/2024/05/tnf-kenya-tax-proposals-finance-bill-2024-pillar-two-global-minimum-tax.html)

3. **Withholding Tax and Digital Economy Taxation**:
   - The bill introduces a withholding tax on goods supplied to public entities.
   - It also proposes the taxation of income from the operation of digital platforms, reflecting the growing importance of the digital economy.
   - Source: [Bowmans](https://bowmanslaw.com/insights/kenya-the-finance-bill-2024/)

4. **Public Response and Amendments**:
   - The bill has faced significant public opposition, leading to protests. In response, the government has scrapped some proposed taxes, including a 16% levy on bread.
   - Source: [BBC](https://www.bbc.com/news/articles/ce77ld43lngo)

5. **Parliamentary Debate and Protests**:
   - The bill is currently being debated in the Kenyan Parliament. It has triggered widespread protests due to the proposed increased levies on a wide range of products and services.
   - Source: [Context](https://www.context.news/money-power-people/why-has-kenyas-finance-bill-triggered-public-outrage)

6. **Government's Justification**:
   - The Finance Bill 2024 was introduced as part of Kenya's budget for the next fiscal year. The government argues that the changes are necessary to increase revenue and address the country's fiscal challenges.
   - Source: [ABC News](https://abcnews.go.com/International/kenya-braces-protests-controversial-tax-bill/story?id=111243473)

In summary, the Finance Bill 2024 aims to overhaul Kenya's tax system by introducing new taxes, simplifying existing regulations, and addressing the digital economy. However, it has faced significant public backlash, leading to amendments and ongoing debates in Parliament.

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)
- [Context](https://www.context.news/money-power-people/why-has-kenyas-finance-bill-triggered-public-outrage)
- [ABC News](https://abcnews.go.com/International/kenya-braces-protests-controversial-tax-bill/story?id=111243473)

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

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