Exclusive: MP Kimani Kuria’s Surprising Revelation on Housing Fund: It’s a Tax, Not a Levy!
Kuria Kimani, chair of the National Assembly Finance and Planning Committee, has set the stage for a new controversy over the proposed Housing fund contained in the Finance Bill 2023, which was presented to the National Assembly on Tuesday evening.
Kimani announced on Citizen Television that the contentious Housing levy would be a tax and not a levy, contradicting an earlier government statement.
Previously, Housing Minister Charles Hinga vehemently denied any intention to convert the mandatory contribution to the Affordable Housing program into a tax.
According to Kimani, however, the so-called Housing levy was changed into a tax. In response to requests from Kenyans during the Finance Bill 2023 public participation exercise.
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“The initial provision as contained in the Bill said that this (Housing Fund) would come into effect after the passing of regulations, and how those regulations oversaw this is that for example you would get your money after 7 years and Kenyans were asking, ‘I’m I sure I’m going to get my money after 7 years’? “Kenyans referred to it as a tax,” said Kimani Kuria.
“The housing assessment is a tax. We refer to it as a tax. We are reserving it for the construction of affordable housing…”
The representative added that the State Department of Housing, and not private investors. Would construct the homes financed by the housing fund.
In addition, he confirmed that the Housing Levy contribution by employers and employees. Has been reduced from 3% to 1.5%. Effective as soon as the President assents to the bill if it is approved by parliament.
Wednesday’s approval by the House Business Committee of the Finance Bill 2023 debate schedule. Has set the stage for a confrontation. Between the ruling Kenya Kwanza and Azimio la Umoja legislators who oppose the bill.
Exclusive: MP Kimani Kuria’s Surprising Revelation on Housing Fund: It’s a Tax, Not a Levy!
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