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Tax Laws Amendments: List of Key Changes MPs have Proposed after Public Participation

The article from Tuko.co.ke discusses the Tax Laws Amendment Bill 2023 in Kenya, which has sparked significant public interest and debate. Key Members of Parliament (MPs) have proposed various amendments to the bill following public participation sessions. The proposed changes include adjustments to the housing levy, where MPs suggested reducing it from 3% to 1.5% and making it optional rather than mandatory. There are also proposals to increase the PAYE (Pay As You Earn) tax-free income threshold from KSh 24,000 to KSh 28,000 to ease the tax burden on low-income earners. Additionally, MPs have recommended the removal of the 35% PAYE tax band for high earners, arguing it would encourage investment. Other amendments include changes to VAT on fuel, adjustments to the turnover tax for small businesses, and modifications to the digital service tax. These proposals aim to balance revenue collection with economic relief for citizens, reflecting the public's concerns about the cost of living and taxation fairness.

Read the Full Tuko Article at:
[ https://www.tuko.co.ke/business-economy/economy/571123-tax-laws-amendment-bill-list-key-mps-proposed-public-participation/ ]