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List of new taxes introduced by William Ruto's administration in 2024

  Copy link into your clipboard //business-finance.news-articles.net/content/202 .. ed-by-william-ruto-s-administration-in-2024.html
  Print publication without navigation Published in Business and Finance on , Last Modified on 2026-04-17 15:08:34 by MSN

William Ruto's administration introduced several new taxes, including the housing levy, as part of its fiscal strategy to boost government revenue.

The article from MSN outlines the new tax measures introduced by Kenyan President William Ruto's administration in 2024 as part of the Finance Act 2023. These include a 1.5% Housing Levy on gross monthly salary to fund affordable housing, a 3% turnover tax on small businesses with a turnover between KSh 500,000 and KSh 15 million, and an increase in the Value Added Tax (VAT) on petroleum products from 8% to 16%. Additionally, there's a new 5% excise duty on beauty products like wigs, false beards, and eyelashes, and a 10% excise duty on imported fish. The government also introduced a 16% VAT on electronic services provided by non-residents, and increased the excise duty on mobile money transfer fees from 12% to 15%. These measures aim to boost revenue collection, reduce the fiscal deficit, and fund development projects, although they have sparked debate over their impact on the cost of living and economic growth.

Read the Full MSN Article at:
https://www.msn.com/en-xl/politics/government/list-of-new-taxes-introduced-by-william-ruto-s-administration-in-2024/ar-AA1wN0eT