Parliament narrows down to SEVEN contentious clauses on Finance Bill
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Parliament retreats to discuss seven contentious clauses in the proposed finance bill 2023 identified during public participation
Parliament retreats to discuss seven contentious clauses in the proposed finance bill 2023 identified during public participation.
The National Assembly’s Finance Committee has pared down the seven provisions that it believes were most hotly debated during its eight-day public participation hearing, with just three days before the contentious Finance Bill, 2023 returns to Parliament for its second reading.
The committee wants a legal framework put in place before imposing the necessary 3 percent housing levy on employees and employers. This is done to address legal issues such as how the money will be collected and used.
The committee is proposing lowering the 16 percent VAT on fuel products or maintaining the current 8 percent deduction.
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The Parliamentary budget watchdog is considering eliminating the requirement for a 20% deposit of the contested tax amount to be made to KRA prior to filing an appeal.
The committee is debating deleting the clause requiring KRA to receive withholding tax payments within 24 hours.
Legislators have the option of either lowering the 15% digital tax on content providers to 5% or completely eliminating it.
It is anticipated that the zero-rating tax on the production of fertilizer and pharmaceuticals will be converted to an exemption.
The proposed income rent of 7.5% is most likely to be raised to 10% or more under the new amendments.
The Kimani Kuria-led committee will complete writing its report on Saturday before tabling the Bill on Tuesday for its second reading.
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