The Finance Bill, 2023 (“the Bill”) was presented before the parliament on 04 May 2023. The Bill proposes for amendments to the country’s tax laws which includes Income Tax Act, Value Added Tax Act, Excise Duty Act, Tax Procedures Act and Miscellaneous Fees & Levies Act. The Bill also proposes changes to other Acts such as the Betting, Gaming and Lotteries Act, the Kenya Roads Board Act, the Kenya Revenue Authority Act, the Employment Act, the Unclaimed Financial Assets Act, the Statutory Instruments Act and the Retirement Benefits Act.
This newsletter is a summary of the potential tax implications of the provisions contained in the Bill should it be enacted into an Act which is expected to be before 01 July 2023 as provided for in the Public Finance Management Act and coincides with the commencement of the Government’s financial year 2023-2024.
We set out below our analysis of the Bills’ proposed changes to tax laws.