Kenya is experiencing significant changes in its tax landscape with the introduction of the Finance Bill 2024. These reforms are designed to enhance revenue collection and address economic challenges. Some notable changes include:
1. Motor Vehicle Tax: A 2.5% tax on the value of motor vehicles has been introduced, payable at the time of insurance cover issuance. This aims to generate additional revenue from vehicle owners.
2. VAT Adjustments: The VAT registration threshold has been raised from KES 5 million to KES 8 million, aligning with inflation and reducing the compliance burden for small businesses. However, VAT on e-mobility products has been increased, which might slow down the adoption of electric vehicles.
3. Digital Asset Tax: A new tax on digital assets targets the growing investments in cryptocurrencies and blockchain technologies in Kenya. This is expected to contribute significantly to revenue generation as more Kenyans engage in digital asset transactions.
4. Excise Duty Changes: The excise duty on betting stakes has been increased from 12.5% to 20%, and a 15% tax on gross gaming revenue has been introduced. These measures are likely to reduce participation in betting activities.
5. Pension Contributions: The tax-deductible limit for pension contributions has been increased from KES 20,000 to KES 30,000 per month, encouraging higher retirement savings.
The anonymous group has expressed support for the Kenyan people amidst these changes, recognizing the potential challenges they might face with the new tax laws. The group has called for transparency and fairness in the implementation of these measures to ensure they benefit the broader population without placing undue burden on the most vulnerable segments of society.
get into their families lives and bank accounts. Hit them where they will feel the most pain.
anonymous kindly hack and expose the corrupt govt of kenya and especially the members of parliament and the president at large #support the genz .kindly if possible drain all the money in leaders bank and deposit them to the poor kenyas please support us in this fight . at least 2 bilions are lost every day in kenya due to corruption . As gen z we call for your help please and international as well. please do something. They passed the bill and police killed unarmed protester. #JUST FOR REX MAASAI. HIDE ID AND MAKE IT VIRAL.
Latest news from Kenya…
“The government is now abducting the people who tweeted on supporting the demos. Which is unconstitutional because they are arresting without a police warrant and charges. The people are being held in places that are unknown….more like torture in unknown locations. The people arresting bloggers are being sent from statehouse. Unknown exactly who they are. This president is a proper dictator.”
Please help them in any way possible.