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27 Tax, Money and Business Laws William Ruto Signed in 2024

President William Ruto of Kenya has introduced several new tax and business laws in 2024 aimed at enhancing revenue collection and regulating economic activities. Key among these are the Finance Act 2023, which includes a 1.5% housing levy on gross salaries, a 3% turnover tax for small businesses, and an increase in VAT on fuel from 8% to 16%. Additionally, the Excise Duty Act has been amended to impose higher taxes on alcoholic beverages, cigarettes, and betting activities. The Income Tax Act now features a new minimum tax rate of 5% for businesses with gross turnover over KSh 50 million, and a 30% tax on digital content creators' income. The Data Protection Act has been updated to ensure better data privacy, while the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill aims to strengthen financial oversight. These measures are part of Ruto's strategy to boost government revenue, promote economic growth, and address fiscal deficits, though they have sparked concerns about the cost of living and business operations in Kenya.

Read the Full Tuko Article at:
[ https://www.tuko.co.ke/business-economy/573417-27-tax-money-business-laws-william-ruto-signed-2024/ ]