The Bill has a raft of tax measures that will significantly increase the burden on taxpayers both as a result of tax increases such as the higher marginal tax rate of 35% for individuals earning above KES 6 million per annum (KES 500,000 per month), the increase in turnover tax rate from the current 1% to 3% of the turnover, increased Value Added Tax (VAT) on petroleum products from the current 8% to 16%, introduction of contributions to national housing development fund, and higher excise duty rates on mobile money transactions among others, Omondi said when the firm hosted a briefing session to analyze the Finance Bill, 2023 (“the Bill”).
Source: capitalfm.co.ke
