Uhuru approves law granting 15 percent tax relief to affordable housing beneficiaries

SEE ALSO :What to do to ensure affordable housing fund gets critical buy-in
The amendment to the Income Tax Act also includes the introduction of a compensation tax for power producers under a power producing agreement. He also signed into law an amendment to the Stamp Duty Act to exempt first-time home buyers under the affordable housing scheme from Stamp Duty. Amendments to the Stamp Duty Act also include provisions to allow the Collector of Stamp Duties to refer a valuation of property for the purpose of Stamp Duty to a registered and practising valuer. The amendment to the Stamp Duty Act is intended to fast track valuations at the Ministry of Lands. Further, President Kenyatta approved amendments to the Value Added Tax Act to effect zero rating of ordinary bread and mustard seeds. Similarly, the VAT Act amendment zero rates inputs or raw materials for electric accumulators and separators. The aim of the amendment is to support the manufacturing pillar of the Big Four Agenda by making manufacturing of the items, especially batteries, cheaper.SEE ALSO :Housing fund could tip the balance for low income earners