Government hints at increasing property tax five times
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.
Jowie Irungu sends message to Monica Kimani family after being sentenced to death
Alarm over cancer causing pesticides being sold in Kenya
K24 journalists locked out of their homes over 12-month rent arrears
Parliament approves return of the CAS position after court ruling
Why Kenya halted police deployment in Haiti
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.
Also read,
Why Justice Grace Nzioka sentenced Jowie Irungu to death
Oparanya addresses fallout in ODM over Raila succession
Kimani Ichung’wah drags Uhuru into NADCO report disagreements
Kenya Met Department issues update on delayed rains; gives new forecast
DCI detectives expose how two female employees stole Ksh15 million from a company
Kiambu police boss given seven days to evict Uhuru Kenyatta kin
Follow us