MPs shield some players from tax on cash transfers

If the MPs have their way Individuals with multiple bank accounts will also be spared the 0.05 charge while moving money from one account to another. [Wilberforce Okwiri, Standard]

Parliament wants some taxpayers shielded from the so-called Robin Hood tax proposed by the National Treasury.

The National Assembly’s Finance Committee, in proposed amendments to the Finance Bill 2018, has sought to exempt some transactions from the 0.05 per cent tax on money transfers amounting to Sh500,000 and above while giving Cabinet Secretary Henry Rotich a free hand to make any other exemptions.