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Kenya plans to double the digital service tax (DST) to 3% beginning July this year, as the government taps the growing online economy to increase its domestic revenues and narrow fiscal deficit ...
Kenyan taxation system. Kenya's taxation system covers income tax, value-added tax, customs and excise duty. The regulations are governed by independent legislators that govern the taxation system, the main legislator, the Kenya Revenue Authority (KRA) has different sections that deal with the above taxes while also having the authority to ...
Last week, the government scrapped some tax increases, including a proposed 16% value-added tax on bread along with taxes on motor vehicles, vegetable oil and mobile money transfers.
The 2024 Finance Bill is the first in a series of tax reforms based on a Medium-Term revenue Strategy (MTRS) devised and published by the Kenyan government in 2023 through the Ministry of National Treasury and Economic Planning. The MTRS aims to increase the tax-to-GDP ratio in Kenya from 13.5% to at least 20% from 2024 to 2027. [23]
The East African country plans to charge a 3% tax on the transfer or exchange value of digital assets, while content creators will pay 15% on online earnings up from 5% withholding income tax.
The economy of Kenya is market-based with a few state enterprises. Kenya has an emerging market and is an averagely industrialised nation ahead of its East African peers. Currently a lower middle income nation, Kenya plans to be a newly industrialised nation by 2030. The major industries driving the Kenyan economy include financial services ...
Kenya is proposing a special tax regime on startups’ Employee Share Ownership Plans (ESOPs), as it aligns to its plan to spur innovation. The finance bill 2023 proposes the deferment of taxes on ...
Kenya's finance minister on Monday reaffirmed the government's commitment to cutting spending after the president suggested a nearly $2.7 billion budget gap caused by the withdrawal of proposed ...