The ruling Kenya Kwanza coalition has proposed a 2% rise in the standard VAT rate from 16% to 18% in the Draft Medium-term Debt Strategy for the period 2024-25 and 2026-27. The rise would be to help meet the costs of the government’s major spending plans following the passing in June of the country’s largest budget. The country also faces a potential debt crunch in 2024.
Source: vatcalc.com
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