President Ruto has signed into law the Finance Bill 2023,which was accepted by the National Assembly.
The Finance Bill was signed into law on Monday morning at State House, Nairobi.
The Bill, passed through Parliament after a third reading was done by Kuria Kimani, chairman of the National Assembly Finance and National Planning Committee, and now Kenyans will have to face the tough economy ahead after the Bill has being signed into law.
In the Bill, there were 87 proposed revisions, some of which were approved on Tuesday, as the National Assembly debated on them.
In the proposed amendments, one was most crucial, a 16% value added tax on gasoline, up from 8%.Which led to at least 184 Mp’s approving the bill, while 84Mps opposed the bill.
The Housing levy, a bill that caused an uproar in the country, was also passed after it was revised from 3% to 1.5% of gross pay. It had been converted into tax.
Digital content creators will also be subjected to 5% tax after the bill was revised from a 15% tax.
Betting and Insurance sites withholding taxes will be charged a 12.5% and 16% respectively.
Also Read: Tough Times Ahead As 184 MPs Vote To Increase VAT On Fuel From 8%To 16%
