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President William Ruto has assented to the Finance Bill, 2023 introducing some new tax measures that are to be effected from next month. The Finance Act 2023, has standardized the Value Added Tax at 16 percent, introduced a housing tax of 1.5 percent to be paid by both the employee and employer as well as removal of tax on LPG. The Finance Act 2023 which authorizes the government to spend 3.67 trillion shillings to finance the budget, introduces two new tax bands for those earning more than half a million shillings. President Ruto also assented the Appropriations Bill, 2023 and the Supplementary Appropriations (No. 2) Bill, 2023 resulting in the reduction of overall expenditure by 25.5 billion shillings compared to the revised total National Government expenditure approved in the Supplementary Appropriations (No. 1), Act 2023.
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President Ruto assents to the Finance Bill 2023
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