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.
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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.
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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?
Read More:
- Fish Prices Set To Rise By 50 Percent On New Taxes
- Kenya’s Food Crisis: The Impact Of Inflation, Unpredictable Rains, And High Taxes On Agriculture
- Does IMF Want The Kenyan Government To Choke Kenyans With Taxes?
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.
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