Kenya Treasury Seeks Feedback on 2024 Draft Budget Policy Statement – introducing VAT on insurance services and excise duty on coal

• Kenya Treasury has opened a consultation on the 2024 draft budget policy statement
• Measures in the draft include reducing corporate income tax, phasing out preferential corporate tax rates, and reviewing residential rental income tax regime
• The draft also proposes introducing withholding tax on payments made for goods supplied to the government, reviewing tax exemptions for corporate entities and individuals, and introducing VAT on insurance services and excise duty on coal
• It aims to establish a framework for introducing a carbon tax and granting green fiscal incentives
• The draft also outlines administrative measures to improve the tax system and review the taxation regime of pensions
• Comments on the draft are due by Jan. 5, 2024.

Source: news.bloombergtax.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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