KPMG Analysis-Finance Bill 2023.
The National Treasury tabled the Finance Bill, 2023 (the Bill) before the National Assembly on Thursday, 4 May 2023.
The Bill proposes a raft of tax changes which are geared towards expanding the tax base and raising revenues to meet the government’s ambitious budget of KES 3.6 trillion for the year 2023/2024. The proposals are also a pointer to the priority sectors which the government is targeting to grow the economy and ease the cost of living.
In the recent past, the government has struggled to meet its expenditure requirements and in some of the proposals the government has sought to increase taxes to bridge its fiscal deficit.
Notable changes include:
- Introduction of an export and investment promotion levy on specified imports
- 35% tax rate for income above Kes 500,000 per month
- 3% contribution by employees and employers respectively to finance affordable housing projectsÂ
- Exemption of exported services from VAT
- Increase of turnover tax from 1% to 3%
- 15% withholding tax on income earned by digital content creators.
- Increase in the VAT rate on petroleum products from 8% to 16%
Kenya Mortgage Refinance Company Plc (KMRC)
Mortagage Finance27th Floor, UAP Old Mutual Tower, Upperhill Road, Upperhill, Nairobi.
Kenya Deposit Insurance Corporation (KDIC )
Regulator17th Floor UAP Old Mutual Towers, Upper hill P.O. Box 45983-00100,Nairobi, Kenya.
Insurance Regulatory Authority (IRA)
RegulatorInsurance Regulatory Authority (IRA) P.O BOX 43505 - 00100 NAIROBI Zep- Re Place Longonot Road - Upper Hill, Nairobi Complain: complaints@ira.go.ke Website: http://www.ira.go.ke
Retirement Benefits Authority (RBA)
RegulatorRetirement Benefits Authority Rahimtulla Tower, 13th Floor, Upper Hill Road, Opp UK High Commission. P.O. Box 57733 - 00200 Nairobi, Kenya.
Kenya School of Monetary Studies (KSMS)
RegulatorKenya School of Monetary Studies, Mathare North Road, Off Thika Super Highway (exit 6). P.O. Box 65041-00618 Nairobi, Kenya.
Unclaimed Financial Assets Authority (UFAA)
RegulatorAddress: Pacis Centre, 2nd Floor, Slip Road, Off Waiyaki Way, Westlands, Nairobi P.O Box : 28235-00200, Nairobi Kenya
Kenya Bankers Association (KBA)
RegulatorAddress Kenya Bankers Association 13th Floor, International House Mama Ngina Street P.O.Box 73100 - 00200 Nairobi Kenya
Central Bank of Kenya (CBK)
RegulatorP.O Box 60000 – 00200, Nairobi, Kenya Website : https://www.centralbank.go.ke/ Governor : Dr Patrick Njoroge
Nairobi Stock Exchange (NSE)
Regulator55 Westlands Road, P O Box 43633 00100 Nairobi KENYA PHONE: +254 20 2831000 / +254 (020) 222 4200 FAX: +254 20 2224200 MOBILE: +254 0733 222 007 WEBSITE: http://www.nse.co.ke
Central Depository & Settlement Corporation (CDSC)
RegulatorNation Center, 10TH Floor, Kimathi Street P.O. BOX 3464-00100 GPO Nairobi Kenya +254 (020) 2912000 (0724) 256130 / (0733) 222033
Capital Markets Authority (CMA)
RegulatorTel: +254 20 2264000/ 2264900 / 2221869 Cell: +254 722 207767 | Website: www.cma.or.ke