President Uhuru Kenyatta Signs Finance Bill 2018 Into Law

Uhuru Kenyatta
Uhuru Kenyatta

President Uhuru Kenyatta has signed the controversial Finance Bill of 2018 into law.

Assenting the bill, President Kenyatta said that he will ensure proper utilization of public resources for a better Kenya.

Upon taking effect from midnight, cashless/mobile money transfers excise duty will be increased from 12 per cent to 20 per cent, a 66 per cent increase.

Also, taxation imposed to betting firms will be reduced from 35 per cent to 15 per cent, whilst all winnings for gamblers will be slashed by 20 per cent in terms of taxes.

Read:President Uhuru Proposes Reduction of VAT on Fuel from 16 to 8 per cent

Kerosene users will also be hard hit as an adulteration fees at the rate of Sh18 per litre will be introduced on all illuminating kerosene imported into the country for home use in a move that will push the commodity’s retail price much closer to diesel.

Other fuels will face a 16 per cent VAT levy, which might prompt an upward movement of prices of basic commodities.

Housing Development Fund tax will be paid by the employee at 1.5 per cent and employer at 1.5 per cent of the monthly basic salary. Penalty of 5 per cent for employer who fail to submit the contributions will apply.

Telephone and internet data services excise duty will be 15 per cent of excisable value up from current 10 per cent.

A Ksh20 levy per kilogram of all sugar confectioneries including white chocolate will also be applied.

The President said that he would not relent in the fight against corruption.

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Written by Merxcine Cush

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