Finance Bill 2024

Kenyans Brace for New Taxes and Changes: Highlights of the Finance Bill 2024

Get ready for more taxes and changes! The Finance Bill 2024 has some surprises in store for Kenyans. From vehicle taxes to VAT reforms, here's what you need to know.

The Finance Bill 2024 has sent shockwaves through Kenya, with vehicle owners facing the prospect of paying an annual tax of up to Sh100,000. This new tax, set at 2.5% of the vehicle's value with a minimum of Sh5,000, is part of a series of measures proposed in the 135-page document. Kenyans are bracing themselves for tighter financial constraints as the government rolls out these new tax regulations.

In addition to the vehicle tax, the Finance Bill 2024 requires Kenyans to produce their Kenya Revenue Authority (KRA) PIN for 16 specific transactions. This move aims to enhance tax compliance and transparency in financial dealings. The proposed tax reforms have sparked intense debates across the country, with criticisms mounting against the increases in excise duties on various services.

President William Ruto's administration is pushing for significant changes in the Value Added Tax (VAT) system, bringing more financial burden to the citizens. The introduction of a new VAT on bread and vehicles is set to further strain the pockets of Kenyans. The government's move to enhance revenue collection has triggered mixed reactions among the population.

As the Finance Bill 2024 unfolds, Kenyans are closely watching how these tax proposals will impact their daily lives. With the prospect of paying higher taxes on vehicles and essential goods like bread, citizens are preparing for tougher financial times ahead. The government's attempt to boost revenue through tax reforms is met with both support and resistance from different sectors of society.