Serrari Group

Finance & Investment News|Finance Calculators|Online Courses|Personal Finance Tips Business Finance Tips Macro Economic News Investments News Financial & Investments Calculators Compare Economies & Financial Products My Serrari Serrari Ed Online Courses

The majority of amendments to the Finance Bill, 2024 have been successfully adopted by the House, following a session led by Deputy Speaker Gladys Shollei. These amendments, introduced by Kuria Kimani, Chairperson of the Finance and Planning Committee, mark a significant step in addressing the public’s concerns and legislative scrutiny.

Significant Amendments Passed

The session saw the adoption of several critical amendments aimed at easing public discontent and refining tax proposals:

Essential Goods Tax Relief: Amendments to remove proposed taxes on bread, internet services, and diaspora remittances were approved. These taxes had been a focal point of public protests.

Manufacturing Sector Relief: The amendment to Clause 39 allows manufacturers to deduct excise duty on raw materials, providing much-needed support to the manufacturing industry.

Revised Excise Duty Payment Terms: Clause 41 was amended to extend the excise duty payment deadline to the 5th day of each month, replacing the initial 24-hour requirement.

Eco-Levy Adjustments: Exemptions for sanitary towels and tyres were approved, with the eco-levy now applying only to finished imported products.

E-Tims Registration Exemptions: Clause 51 was amended to exempt farmers, small businesses, and enterprises with a turnover of less than Sh1 million from e-Tims registration requirements.

Data Protection Assurance: Clause 63, which proposed exempting the Kenya Revenue Authority (KRA) from the Data Protection Act, was deleted to address privacy concerns.

Clarified VAT Obligations: Section 65 of the Value Added Tax Act was amended to include exported goods, ensuring clarity in tax obligations for exporters.

KRA Pin Exemptions for National Carriers: Clause 60 was amended to exclude employees of national carriers from the requirement to carry KRA Pins while working abroad.

Response from the Opposition and Public

Opposition MPs, having proposed their own amendments, ultimately decided to call for the rejection of the entire Bill. The government’s amendments come in response to widespread public protests and dissatisfaction with the initial proposals, particularly regarding essential goods and privacy concerns.

Moving Forward

The adoption of these amendments represents a strategic response by the government to public feedback and legislative debate. As the Finance Bill, 2024 progresses, further scrutiny and discussion are expected. The government’s adjustments aim to balance fiscal policy with public interests, setting the stage for continued legislative efforts.

Photo source: Google

By: Montel Kamau

Serrari Financial Analyst

26th June, 2024

Share this article:
Article and News Disclaimer

The information provided on www.serrarigroup.com 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.

www.serrarigroup.com 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 www.serrarigroup.com 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 www.serrarigroup.com 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 www.serrarigroup.com 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, www.serrarigroup.com 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 www.serrarigroup.com, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website.

www.serrarigroup.com, 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

 

×