Coca-Cola, alongside other multinational corporations, is contesting Kenya’s Finance Bill 2024, primarily objecting to proposed tax amendments affecting plastics and the introduction of an Eco Levy.
During discussions with the National Assembly Finance and Planning Committee, Coca-Cola executives raised concerns regarding the potential repercussions of the proposed tax adjustments. They emphasized the destabilizing effect of frequent tax policy changes on investor confidence and business planning.
Of particular contention is the proposal to eliminate the differentiation between locally manufactured and imported plastics for excise duty purposes. Coca-Cola argues that such a move would escalate operational costs and negatively impact the business environment.
Additionally, Coca-Cola executives criticized the Eco Levy, labeling it as a form of double taxation for essential industry players. They suggested that existing mechanisms are already in place to address environmental concerns, rendering additional levies redundant.
Telecommunication and technology service providers, represented by TESPOK, joined Coca-Cola in expressing concerns over the Finance Bill 2024. They warned of potential disruptions to internet distribution channels due to increased digital taxation, citing accessibility and security issues for financial transactions.
The Packaging Producer Responsibility Organization echoed these concerns, highlighting the risk of companies relocating if the proposed Eco Levy is implemented.
With over 100 entities presenting their submissions to the Parliamentary Committee, the debate surrounding the Finance Bill 2024 continues to intensify, shaping Kenya’s fiscal landscape.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
7th June, 2024
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