President Ruto assents to Finance Bill, 2023
National
By
Mate Tongola
| Jun 26, 2023
President William Ruto on Monday, June 25 assented to the Finance Bill, 2023 after it was passed in Parliament last week on Wednesday night after a heated debate.
The Bill now becomes law as the Kenya Kwanza government seeks to raise more cash to foot its proposed Sh3.6 trillion budget that was presented to parliament.
The controversial Bill was passed by 184 MPs largely from Kenya Kwanza whereas 88 MPs, most from the opposition, rejected the amendment.
Among the contentious issues in the Bill include the Housing levy which was amended to 1.5 per cent of gross pay from 3 per cent and the 16 per cent value-added tax on fuel that was increased from 8 per cent.
Also in the Bill now turned to law, digital creators will be charged a tax of 5 per cent that had initially been proposed to be at 15 per cent.
Betting and Insurance withholding tax will now be charged at 12.5 per cent and 16 per cent respectively.
Other affected are Betting and Insurance withholding tax, which will be charged at 12.5 per cent and 16 per cent.