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Tax laws amendment bill: list of key changes MPs have proposed after public participation

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The National Assembly Finance and Planning Committee has recommended several changes in their report on the Tax Procedures (Amendment) Bill 2024.
The article from MSN discusses the proposed changes to the Tax Laws Amendment Bill in Kenya following public participation. Key changes include the introduction of a 15% tax on digital content creators' earnings, which has sparked significant debate. Other proposals include adjustments to the Affordable Housing Bill, such as increasing the housing levy from 1.5% to 3% of an employee's gross salary, with a cap at KSh 5,000 per month. There are also suggestions to amend the Finance Bill to exempt certain groups like farmers and small businesses from some taxes, and to adjust tax brackets to provide relief for lower-income earners. Additionally, MPs have proposed changes to the Excise Duty Act to reduce taxes on essential items like cooking gas and to increase taxes on luxury goods. These amendments aim to balance revenue generation with economic relief for citizens, reflecting public feedback on the initial proposals.

Read the Full MSN Article at:
[ https://www.msn.com/en-xl/money/other/tax-laws-amendment-bill-list-of-key-changes-mps-have-proposed-after-public-participation/ar-AA1vc6EY ]