Serrari Group

Today marks a pivotal moment in Kenya’s fiscal arena as the Finance Bill 2024 takes center stage in a special parliamentary session. This legislative initiative aims to introduce a series of tax reforms and empower the Kenya Revenue Authority (KRA) with newfound authority, sparking debates and discussions nationwide.

The Finance Bill 2024 proposes significant changes to taxation, targeting both traditional and digital sectors. Among the reforms, the bill seeks to remove VAT exemptions on essential banking services, potentially altering the cost dynamics for financial transactions. Excise duties on financial and telecom services are set to remain at substantial levels, alongside new levies on digital lenders’ fees.

In an effort to modernize tax frameworks, the bill introduces a Significant Economic Presence Tax for foreign digital businesses and a minimum top-up tax for entities with low effective tax rates. Multinationals face heightened tax obligations, including eco levies on certain imports. Controversially, VAT exemptions on bread are slated for removal, while taxes on cars and motorcycles undergo adjustments.

Beyond taxation, the Finance Bill 2024 grants KRA expanded powers, aiming to enhance revenue collection. Mandatory integration of eTIMs into invoicing processes is proposed, with penalties for non-compliance. However, exemptions to data protection laws and enhanced authority to demand tax deductions raise privacy concerns.

As the Finance Bill 2024 progresses through parliament, it prompts reflection on Kenya’s fiscal future. With stakeholders navigating the implications of these reforms, the bill heralds a new chapter in the nation’s economic journey, one shaped by innovation, accountability, and prudent fiscal management.

Photo source: Google

By: Montel Kamau

Serrari Financial Analyst

14th May, 2024

Share this article:
Article and News Disclaimer

The information provided on is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk. is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

In no event will be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.

The articles, news, and information presented on reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.

The content on may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.

Every effort is made to keep the website up and running smoothly. However, takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.

Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.

By using, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website., reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.

Serrari Group 2023