... Rotich noted that strategies and incentives to revive Kenya’s tourism sector are bearing fruits. He added that Ksh9.2 billion will go to leasing police vehicles. The increase in excise duty will increase the costs of cellular money transfer services which will impact on the common mwananchi. Turnover tax to be replaced with Presumptive tax. While acknowledging the ballooning national debt the CS said priority has been given to manufacturing, enhanced food security and affordable housing, as the government targets creation of 800,000 jobs. @��VM�j+TA Y�N�%�=c;��Vjm�.�����-坼���72�Q����o�O�/y���ȫk���+���z�M��� There was little focus on value added tax (VAT), possibly because VAT amendments are substantially addressed by the Tax Laws (Amendment) Bill 2018. The theme for this year’s budget is “Creating Jobs, Transforming Lives for Shared Prosperity”.
This proposes to introduce a ‘robin hood tax’ to generate revenue to fund the government’s Big Four Agenda. Name (required) Email (required) Feedback, Decision to expel Ekuru Aukot still stands-Thirdway Alliance, Bensouda urges Kenya to surrender Bett and Barasa to ICC, President Kenyatta meets Pope Francis at start of Official Visit to Vatican, Commerce, Covid-19 top agenda as Uhuru meets Italian counterpart, America “sneezes” as world await results of divisive poll, Political gatherings banned as Govt reviews COVID-19 control measures, Passport applicants affected as Immigration scales down operations, Burial for lawyer Nzamba Kitonga underway in Kitui, Burial of Kakamega Chief of Staff Sumbi stopped over family feud, Coronavirus: US hits record daily case rise three days running, MOH team inspects Isiolo referral hospital following public outcry, KDF officer arrested for kidnapping man in Kasarani, Basketball: Moran’s squad set to be unveiled ahead of AfroBasket qualifiers. Funds transferred to be exempt from provisions of Proceeds of Crime and Anti Money Laundering Act or any other Act relating to reporting and investigation of financial transactions. In Financial Year 2018/19, treasury has provided to the Counties Ksh 376.4 billion, being Ksh 314 billion in sharable revenue and Ksh 62.4 billion in conditional allocations. Amnesty for income earned and assets held outside Kenya: Reporting period extended to 30th June 2019. We highlight below some key issues addressed in the Budget Statement. Time limit to amend self-assessment returns to be introduced. Imposition of a 20% export levy on the export of copper waste and scrap metal. 1702 Economy Kenya hopes for 2.5pc economic growth this year Economy Uhuru blocks Sh100,000 pension for life to ex-MPs Economy New KRA app to allow tax payment through M-Pesa
This post contains some of the proposed changes contained the National budget speech. These taxation proposals are not final. ���:�.9e]¥Zc���.G��G%n_��Y����luqq��@՜=�=��7���|sG����):��Й�:\p���Z/��\��X��D��釄�=�h�����p�s��^>�k՟���o섈ۢAt��pm��I����h�WD�Q��;��(��g�0��,TV�����V���q%�p�]��z-�|DIv�0�xŻW̏�9Q��rqi���X=z L���3��N��rJY;>�����g���X0=8�h����^�'j~t�jA�p�Mu���T�!M4��t�!�CB3���f�pPt���Ow�TPp=A'C+ ��~��hn�q���(��0nUv%���\�n��� We will keep you updated on developments and issue a comprehensive analysis of the Finance Bill 2018. The budget as a share of Kenya’s Gross Domestic Product (GDP) is expected to decline to 28.1 per cent, from 32.4 per cent in 2018/19 financial year, a 4.2 per cent drop. An introduction of 5% CGT on transfer of property by general insurance companies. Introduction of five (5) per cent tax on insurance premium paid to non-residents excluding premium paid for insurance of aircraft. Exemption of import duty to be extended to sight-seeing buses and overland trucks imported by licensed local tour operators. This is in response to the growth of the business of general insurance. Late payment penalty at twenty (20) per cent and interest at two (2) per cent introduced in Betting, Lotteries and Gaming Act. Animal feeds: proposal to exempt raw materials for production of animal feeds. << /Type /Page /Parent 3 0 R /Resources 6 0 R /Contents 4 0 R /MediaBox [0 0 595 842]
A 5% withholding tax on insurance premiums paid to non-resident insurers excluding payments for aircraft insurance.
For the manufacturing sector, deduction of thirty (30) per cent of the total electricity bill from corporate profits in addition to normal deductions subject to the conditions set by the Ministry of Energy. On the police social welfare, the CS allocated 6.5 billion shillings for police and prison officers’ medical insurance scheme and Ksh1.5 billion on construction of police houses. Hence, www.taxkenya.com, its owner or associates do not take any responsibility for results of any action taken on the basis of the information in this post or for any errors or omissions. A 30% expense deduction in addition to normal expense deductions on taxable income for expenditure incurred on electricity bills by manufacturers. The proposed changes are in extension of tax amnesty, increase in late payment interest and penalty, the introduction of penalty in VAT and time limits for tax submission of amended tax returns. As expected, the 2018/2019 budget focuses on the Government’s Big Four Agenda, whose key pillars are manufacturing, universal healthcare, food security and affordable housing. To support mining activities and geophysical mapping of the country’s minerals, Ksh 509 and Ksh 500 million was allocated respectively. 13 0 obj (Disclosure: This website receives compensation from companies whose adverts appear here. /Rotate 0 >> 5 0 obj We only promote products that we have used. Excise duty on engine capacity of private passenger motor vehicles exceeding 2500CC (diesel) and 3000CC (petrol) to be increased to thirty (30) per cent. stream Henry Rotich (theCS) presented the Budget Statement for the fiscal year 2018/2019 to Parliament on 14 June 2018, unveiling a record KES 3.07 trillion spending plan. amendment of the Banking Act to repeal section 33B of the Banking Act to remove the interest rate cap for lending by banks and financial institutions; introduction of a Financial Market Conduct Bill to deal with inadequacies in consumer protection and unregulated lending in the financial sector; and. The proposals must be taken to Parliament to be debated and thereafter forwarded to the President to assent to become law contained in the Finance Act. The Cabinet Secretary for National Treasury and Planning, Hon. Proceeds of terrorism, poaching and drug trafficking are not exempt. %���������
Also, the proposed changes and some of their potential effects are in: Z-NEWS- BRIEF ANALYSES OF TAXATION PROPOSALS PRESENTED IN THE 2018-2019 KENYA NATIONAL BUDGET. The rationale is to make animal feeds affordable to farmers and attract investors in the sector.
Tax industry in Kenya is very dynamic. Proposal to provide a single excise duty rate for both illuminating kerosene and gas oil of KES 10,305 per 1,000 litres. Money transfer services by cellular phone service providers to be increased to twelve (12) per cent. For further assistance please contact Alex Mathini, Partner Corporate Commercial and Head of Tax, the Bowmans Kenya Tax Team or your relationship partner at Bowmans Kenya. The Kenya Budget 2018/2019 is focused on fulfilling President Uhuru Kenyatta’s big four agenda that we will highlight bellow. It is not surprising that the proposals were opposed by the public and parliament. Presenting this year’s budget proposals in parliament under the theme ‘creating jobs and transforming lives’ National Treasury Cabinet Secretary Henry Rotich said the 2018/2019 budget is an opportunity to boldly confront the challenges the country faces in creating job opportunities for the youth and to benefit everyone. BUDGET SUMMARY: POLICY FRAMEWORK FOR FY 2018/2019 AND THE MEDIUM TERM Underlying Assumptions 3) Kenya’s economic growth prospects for the FY 2018/19 and over the medium term takes into account the global and Sub-Saharan Africa … Buoyed by improved political environment, the CS said his ministry plans to accelerate economic growth past the current 5.6% while at the same time ensuring that public debt remains sustainable. The proposed changes are in Value Added Tax (VAT), Income Tax, Excise Duty, Customs, Export Levy, Tax Procedures Act and Tax Administration. Ksh16 billion will go to technical institutions to enhance Technical Vocational Education Training. stream Paper and paper board products duty to be increased to thirty-five (35) per cent. << /Length 14 0 R /Type /XObject /Subtype /Image /Width 337 /Height 89 /Interpolate The following are some of the proposed tax changes. Other Reforms Introduction of presumptive tax based on business permit or trading licenses fees at the rate of fifteen (15) per cent. Enhancing the tourism sector still remains key for the country with the National Treasury allocating Ksh1billion for marketing and promotion of tourism activities, a reduction from the Ksh2.7 billion the sector got in the current financial year.
This exemption expands the current exemption under paragraph 93 of the First Schedule of the VAT Act which applies to materials for the construction of grain storage facilities. This change is also proposed to the Betting, Lotteries and Gaming Act on late payments of taxes by entities subject to that Act.
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