Government hints at increasing property tax five times
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Treasury CS Njuguna Ndung'u hints at increasing property tax five times claiming that it has remained unchanged since the 1970s
Treasury CS Njuguna Ndung’u hints at increasing property tax five times claiming that it has remained unchanged since the 1970s.
Treasury Cabinet Secretary (CS) Njuguna Ndung’u has hinted at increasing property tax fivefold, a move set to hurt taxpayers if implemented.
CS Ndung’u noted that property tax remained unchanged since the 1970s, so it was time to re-evaluate it to generate more revenue for the government.
If passed into law, the proposal would mark a significant shift in revenue generation and could impact property owners across the country.
“Property taxation, for example, in urban and semi-urban areas, has not changed since the 1970s. We only need a simple re-evaluation, effect that because everybody pays, and we are going to increase our revenues from those places fivefold,” Ndung’u said during the Africa Fiscal Forum.
Kenyans were asked to submit their views about tax revenue collection by the government in the 2024/2024 financial year.
The National Treasury invited tax proposals from the public and relevant stakeholders as it prepared the Finance Bill 2024.
The move is expected to increase tax collection for the financial year 2024/25.
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This followed the Treasury’s medium-term revenue strategy for the fiscal years 2024/25 and 2026/27, aimed at enhancing domestic revenue.
Ndung’u emphasized that the proposals by Kenyans should echo economic recovery strategies, Vision 2030, and inclusive growth.
The government aims to collect KSh 2.95 trillion in taxes in the fiscal year 2024/25, relying on proposed extensive tax measures.
It aims to increase tax collection by an additional KSh 323.5 billion as part of a budget spending plan that will see the William Ruto-led administration spend a total of KSh 4.55 trillion, mostly on salaries and debt repayments.
The Kenya Revenue Authority (KRA) fell short of its target for the first six months of the 2023/2024 financial year by KSh 186.2 billion.
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