Business and Finance Business and Finance
Thu, December 5, 2024
[ Thu, Dec 05th 2024 ] - Bill Williamson
Glowing hearts on the Hill
[ Thu, Dec 05th 2024 ] - Phil Bruner
Swattie Survival Guide
[ Thu, Dec 05th 2024 ] - Bill Williamson
Zingers and a pile of votes
[ Thu, Dec 05th 2024 ] - Brian Stokes
Thursday Briefing

Finance Committee members decline to lower Railway Levy


Published on 2024-12-05 01:44:39 - The Star
  Print publication without navigation

  • The National Assembly Finance and Planning Committee's report on the Tax Laws (Amendment) Bill 2024 recommends the levy to be capped at two per cent, 50 basis lower than the initial proposal of 2.5 per cent and higher than the current rate of 1.5 per cent.

The Finance Committee members in Kenya have declined to lower the railway development levy, asserting that the funds are crucial for the ongoing and future railway projects aimed at enhancing the country's transport infrastructure. Despite calls from various stakeholders to reduce the levy due to economic pressures on businesses and consumers, the committee emphasized the strategic importance of railway development for economic growth, job creation, and reducing road congestion. They argued that maintaining the levy would ensure the completion of key railway lines, including the Standard Gauge Railway (SGR) extensions, which are seen as vital for Kenya's long-term economic strategy. The decision reflects the government's commitment to infrastructure development despite the current economic challenges.

Read the Full The Star Article at:
[ https://www.the-star.co.ke/business/2024-12-05-finance-committee-members-decline-to-lower-railway-levy ]