President Ruto assented to the Bill today (Monday) at State House, Nairobi.
The Finance Bill 2023 sailed through the floor of Parliament following a 3rd reading. Effectively, from 1st July 2023, Kenyans will be forced to pay more in taxes to fund public spending.
A total of 87 amendments were proposed through the Bill, parliament debated on them into the night and some were approved on Tuesday.
For instance, the 16% value-added tax on gasoline which was previously 8% is among those which will further increase the cost of living in Kenya.
At least 184 MPs—mostly from Kenya Kwanza coalition —supported the bill, while 88 MPs most of them from Azimio coalition opposed it.
Digital creators will be subjected to a 5 percent withholding tax. This figure was originally proposed to be 15 percent.
Insurance and betting withholding taxes will be charged at 16 percent and 12.5 percent respectively.
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