Treasury CS John Mbadi Announces VAT will be reduced from 16% to 14%

• Treasury CS John Mbadi announced tax cuts over the next three years to ease financial burden on Kenyans
• VAT will be reduced from 16% to 14% and corporate tax from 30% to 25%
• Focus on fostering economic resilience in key sectors like agriculture, manufacturing, and housing
• Government committed to fiscal discipline, transparency, and efficiency in resource use
• Emphasis on supporting SMEs, affordable housing projects, and economic recovery
• Fourth Medium Term Plan to focus on transforming MSME economy, healthcare, housing, and digital infrastructure
• Implementation of FY 2024/25 budget progressing despite challenges from withdrawal of 2024 Finance Bill
• Tax cuts expected to boost household purchasing power and business profitability

Source: kenyans.co.ke

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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