STATEMENT BY STATE HOUSE SPOKESPERSON ON THE FINANCE ACT 2016

On September 18, 2016 In Statements and Speeches

As I stated earlier in my weekly briefing today, President Uhuru Kenyatta has in the past few days signed into law a number of Bills including the Finance Bill 2016, which has measures that bring tax relief for low-income earners as well as taxation measures in respect of gaming, betting and competition.
Key amendments in the Finance Act, 2016 are: 1.   Removal of excise duty on locally assembled motor vehicles and motor cycles to promote assembly; 2.   Tax Amnesty for taxpayers who have investments outside Kenya to reinvest back home; 3.   VAT exemption for park entry fees and tour operator services to promote tourism; 4.   VAT Exemption for inputs for manufacture of animal feeds to reduce the cost of the feeds; 5.   Reduction of income tax corporate tax rate from 30% to 15% for investors who put up 400 and above residential housing units to promote housing development. Other Amendments include: 6.   Legal framework for the establishment of the Commodity Exchange Market; 7.   The expansion of the income tax brackets by 10%; and 8.   zero rating of LPG (gas) to reduce cost of living.   Manoah Esipisu, MBS State House Spokesperson 18th September, 2016

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