President Uhuru Kenyatta assents to bill aimed at providing funds for standard gauge railway
BUSINESS
By PSCU | October 24th 2013
By PSCU
Nairobi, Kenya: President Uhuru Kenyatta Thursday at State House Nairobi signed into law the Finance Act 2013.
The Act amends the Customs and Excise Act by introducing a Railway Development Levy to be paid on all goods imported into the country for home use.
The levy will be charged at a rate of 1.5 per cent of customs value of the goods and will be paid by the importer. This will provide funds for the construction of standard gauge railway network to facilitate transportation of goods.
“The levy shall be at the rate of 1.5 percent of the customs value of the goods and shall be paid by the importer of such goods at the time of entering the goods for home use,” says the Act
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The relevant paperwork for the signing of the Act was presented to the President by National Assembly Speaker Justin Muturi.
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