- Insurance landscape in Kenya has seen significant regulatory changes, particularly VAT adjustments
- Introduction of new 16% VAT via Finance Act of 2023 impacting insurance premiums and business operations
- Insurance companies increasing premiums in response to new VAT regulations
- Businesses facing increased operating costs due to higher insurance premiums
- Insurance companies urging customers to review sums insured to align with new regulations
- Concerns raised about negative impact on market attractiveness due to VAT adjustments
- Government focusing on revenue collection through VAT adjustments.
Source: africataxreview.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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