The Kenyan Parliament’s decision to endorse the increment of VAT on fuel from 8 per cent to 16 per cent is a major blow to hustlers, happening just a few months after the same government promised to reduce the cost of living.
Negative Impact
The VAT on fuel is also like to have a negative impact on the economy. Higher fuel prices will make it more expensive to do business, which could lead to job losses and a decrease in economic growth.
Source: nation.africa
Latest Posts in "Kenya"
- Kenya Enacts Tax Procedures Amendment Act 2024: Key Changes and Implementation Dates
- KRA to Integrate eTIMS and VAT Tools into GavaConnect, Engaging 1,000 API Developers
- Understanding VAT on Imported Services in Kenya: Compliance and Reverse Charge Mechanism Explained
- Complying with Kenya’s Mandatory Electronic Invoicing: A Guide to TIMS and KRA Requirements
- KRA Proposes Automated VAT Collection from Mobile Money Transactions to Enhance Tax Compliance
