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Government and Policy

We Shall Be Here No Matter What: Pass The Finance Bill, We Are Ready

BY Juma · June 14, 2023 01:06 pm

KEY POINTS

The tax on petroleum products has been retained at 16 percent. It will, therefore be increased from 8 percent, a move that will hit hard on millions of Kenyan households. But as Gabriel Oguda puts it, we shall be here, no matter what. 

KEY TAKEAWAYS

The Withholding Tax on digital content creation has been brought down in the new proposals and the changes from 15 percent to 5 percent.

With all things remaining constant, the controversial Finance Bill 2023 will sail through the National Assembly. During the First Reading, the opposition threw punches, water bottles, and screamed, but it seems it will still sail through wapende wasipende.

As the Bill continues to near its passing (which is now obvious), President William Ruto seems to have climbed down like Zakayo from a tree and agreed to move the controversial Housing Fund from the initial 3 percent to 1.5 percent.

Related Content: We Thank The Government For Taxes, We The Hustlers Are Happy

Now, if the amount will be moved to 1.5 percent for the Housing Fund, the proponents of the Bill, including President William Ruto say it will no longer be a Fund contribution but a LEVY, meaning it will be the same as tax, never to be refunded.

At the same time, the tax on petroleum products has been retained at 16 percent. It will, therefore be increased from 8 percent, a move that will hit hard on millions of Kenyan households. But as Gabriel Oguda puts it, we shall be here, no matter what. Khabusie.

Related Content: This Government Will Punish You More Than It Will Punish Me

The Withholding Tax on digital content creation has been brought down in the new proposals and the changes from 15 percent to 5 percent. Good content creators will have to pay taxes no matter what. Who told them to brush their notes in our faces while chasing clout?

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For those who bet, there is some good news. You will no longer be deducted 20 percent on your deposits. This was the real looting of your money. It has been dropped. Gaming companies will also be filing returns in 5 days and not in 24 hours like before.

Related Content: Kenyan Hustlers If Taxed Per Month Can Raise Over Ksh 500B A Year To Finance The Housing Project

Juma is an enthusiastic journalist who believes that journalism has power to change the world either negatively or positively depending on how one uses it. (020) 528 0222 or Email: info@sokodirectory.com

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