e. further tax incentives to enhance the attractiveness of the Government’s affordable housing scheme. The CS has indicated that the framework for claiming the 30% tax deduction is now in place and the manufacturers can now utilise this incentive. We must also be conscious of the fact that delayed rains will impact agriculture; however, the government’s view is that this will be made up by tourism and construction.

Ksh 2.9 billion for Doctors/Clinical Officers/Nurses internship programme 4. This further had the effect of ballooning the unregulated lending industry.

Withholding VAT is proposed to be reduced from 6% to 2% in order to reduce the accumulation of WHVAT credits. Manufacturers will recall that last year a measure was introduced to give additional deductions for electricity bills to the sector. Miscellaneous Fees and Levies Act, 2016 (MFLA), b.

The Budget Statement for the FY 2019/20 was read on 13 June 2019 by the Cabinet Secretary for the National Treasury, Hon. Excise duty at the rate of 10% on the amount staked in betting activities.

For those of you who enjoy your cigarettes, wines and spirits, the duty rates are set to increase by 15%. However, there was better news in the fact that property transfers under group reorganisations will be exempt from the tax.

This is probably the most positive announcement made.

Government Revenues in Kenya increased to 1739.45 KES Billion in June from 1601.59 KES Billion in May of 2020.

One would have expected some announcements on this, but apart from tinkering with things like travel allowances and rent and allocating more to the corruption fighting bodies little was said. Ukur Yatani. Save my name, email, and website in this browser for the next time I comment. Treasury Cabinet Secretary Ukur Yattani on Friday announced the date for Kenya's 2020 Budget Reading. Theme: “Stimulating the Economy to Safeguard Livelihoods, Jobs, Businesses and Industrial Recovery”, CS Yatani : The total programmed spending for the FY 2020/21 excluding redemptions amounts to Ksh 2.79 trillion.Theme: “Stimulating the Economy toSafeguard Livelihoods, Jobs, Businesses andIndustrial Recovery”#BudgetKe2020 @KeTreasury @BaloziYatani pic.twitter.com/3grGgZVYUj, Stimulus package pic.twitter.com/tqSWU3vmBb, Your email address will not be published.

It is proposed that Amnesty on tax penalties and interest be granted for entities seeking to list on the Growth and Enterprise Market Segment (GEMS) in respect of any outstanding tax for 2 years prior to the listing. The theme for this year’s budget was: Creating Jobs, Transforming Lives – Harnessing the “Big Four” Plan.

Ukur Yatani, cabinet secretary of National Treasury and Planning, said the economy remained resilient in the first quarter of 2020, rising 4.9 percent, compared to a growth of 5.5 percent in the same quarter in 2019.

Perhaps a better option would be to have considered exempting complaint taxpayers from the regime.

a. In addition to the above tax measures, the CS has proposed the following key changes: We will keep you updated on developments and issue a comprehensive analysis of the Finance Bill 2019 once it is published. 1,109 people have tested positive for Covid-19 virus, from a sample size of 7,153 tested in the last 24 hours.

“Prior to the outbreak, Kenya’s economy was strong and resilient despite the challenging global environment,” Yatani said during the virtual launch of the 2021/22 financial year and the medium-term budget preparation process. The sector will benefit from a reduction in Import Declaration Fee (“IDF”) from the current 2% to 1.5% on imported raw materials. IDF on finished goods will, however, increase to 3%. Beijing ICP prepared NO.16065310-3.

b. CGT exemption: The CS has proposed to extend the CGT exemption currently existing in the Eighth Schedule to the Income Tax Act, to gains made from the transfer of property in internal corporate restructuring transactions, provided there are no third parties involved. The good news on VAT is that the withholding VAT regime is to be changed reducing the current percentage of the taxable value from 6% to 2%. Below are allocations for health sector; 1. County governments are also expected to receive Sh375 billion with Sh316.5 billion being the national government’s equitable share. An export levy of 10% introduced on tanned and crust hides and skins. Proposed repeal of section 33B of the Banking Act (interest rate capping) to enhance access to credit and minimize the adverse impact of the cap on the interest rate.

For now, we set out below the key highlights from the Budget Statement: This year the CS introduced very minimal changes to the Income Tax Act on the basis that the Income Tax Bill, 2018 is in the advanced stages of legal drafting and is expected to be tabled before Parliament by mid-July 2019. a. NAIROBI, Kenya, Jun 13 – Treasury Secretary Henry Rotich has presented this year’s budget, mentioning the Sh3.02 trillion spend plans which includes new tax measures. While there are other activities usually happening between these dates (e.g.

The theme for this year’s budget was: Creating Jobs, Transforming Lives – Harnessing the “Big Four” Plan. Ukur Yatani.

The CS mentioned that the Income Tax Bill is at an advanced stage of legal drafting and is soon expected to be tabled in Parliament.

iron and steel products have been maintained at the.

This has been a major problem with the existing legislation.



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