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The Tax Laws Amendment Bill published last week seeks to effect the tax proposals announced by President Kenyatta on March 25 to cushion Kenyans against the negative economic impact of Covid-19.
The amendment Bill contains a host of proposals including some that Mr Kenyattta did not directly mention in his speech. Particularly significant one is the repeal of the tax provision relating to capital allowance on investments. This was replaced with a new schedule on capital allowance.
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