The Kenyan National Assembly has accepted Bill No. 30, The Finance Bill, 2024 for consideration. The bill proposes measures such as introducing a minimum top-up tax for taxpayers with an effective tax rate below 15%, establishing a motor vehicle tax based on the vehicle’s value at the time of insurance issuance, amending tax definitions, rates, and thresholds, validating advance pricing agreements for up to five years, providing exemption rules for pension benefits, introducing an annual investment allowance rate of 10%, establishing a 3% capital gains tax for ship-owners and air transport operators, amending electronic invoice application, determining excise tax rates for motorcycles, and imposing penalties for late tax returns.
Source GlobalVATcompliance
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