Finance Bill: Parliamentary Committee Unveils New Amendments for Consideration
Several contentious clauses in the Finance Bill 2023 have received additional recommendations from the National Assembly Finance and Planning Committee. These recommendations come in advance of the bill’s tabling in Parliament on Tuesday.
The proposal to reduce the Housing Levy from its current level of 3% to 1.5% and have it deducted only from employees is at the top of the list of recommendations.
The committee suggested that the implementation of this measure be postponed until January 2024 to have sufficient time to establish a legally sound framework before the implementation of this measure.
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During the public participation hearing for the Finance Bill 2023, the Levy was the primary topic of conversation.
Kuria Kimani, the chairperson of the committee and an MP for Molo, stated on Sunday that they are also recommending a reduction in the VAT on digital content creation from 15% to 5%.
In addition to this recommendation, the Committee suggested exempting agricultural inputs, vaccines, and electric vehicles from taxation.
On the other hand. The Finance Committee of the National Assembly has recommended that the VAT of 16% be maintained on petroleum products.
The Finance Bill 2023 is scheduled to be tabled in parliament on Tuesday; the second reading of the bill is anticipated to take place on the floor of the house on Wednesday, following approval from the House Business Committee.
Finance Bill: Parliamentary Committee Unveils New Amendments for Consideration
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