STATEMENT BY STATE HOUSE SPOKESPERSON ON THE FINANCE ACT 2016

On February 11, 2019 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

Latest News

Government to roll out a Shs 33 billion social inclusion programme, President Kenyatta says

February 18, 2019 In Latest News

The Government will soon roll out a Shs 33 billion social in...

First Lady Margaret Kenyatta invites fellow African First Ladies to participate in Beyond Zero Marathon

February 11, 2019 In Latest News

ADDIS ABABA, Ethiopia, 11 Feb 2019 (PSCU) – First Lady Margare

President Kenyatta hosts a historic meeting of leaders on African renaissance 

February 11, 2019 In Latest News

ADDIS ABABA, ETHIOPIA, 11 Feb 2019, (PSCU): President Uhuru Keny