The Finance Act, 2023 was assented to by the President on 26th June 2023. This will go in record as the fastest Finance bill to be signed by the President of Kenya.
The Act makes changes to various legislation including The Income Tax Act, Cap 470, The VAT Act, 2013, The Excise Duty Act, 2015, The Tax Procedures Act, 2015, The Tax Appeals Act, The Miscellaneous Fees and Levies Act, 2016, Employment Act, 2007 amongst others comprehensively discussed in our Finance Act Tax Alert.
The National Treasury continues to pursue a policy of revenue mobilisation by increasing tax rates, expansion of tax base and real time collections of taxes.
In this alert GT is sharing key highlights of the changes adopted from the proposed Finance Bill 2023 affecting different tax streams highlighted above. Download our analysis document below for more insights.