- Kenya Bankers Association urges government to reconsider proposed 16% VAT on financial transactions
- CEO states bank charges are not payments but cost recovery
- Finance Bill 2024 introduces VAT on various financial services
- Increased cost of banking will hamper financial inclusion efforts
- Total taxation on financial services could reach 40%
- Proposed VAT on foreign exchange transactions could hinder economic growth
- VAT on FX transactions could increase costs, including fuel prices
- KBA supports government efforts to boost revenue collection but emphasizes need for balanced taxation approach
Source: capitalfm.co.ke
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
