Proposed Finance Bill for 2023. The Kenya Kwanza administration in its quest to raise more revenue has proposed a five per cent tax on wigs, eyelashes, false beards, eyebrows and artificial nails.
The finance Bill which has been tabled in Parliament outlines the various revenue collection measures by the government to finance the 2023/24 budget.
National Treasury Cabinet Secretary Njuguna Ndung’u also wants tax added on switches and other beauty products.
The CS has also proposed a three percent deduction of basic salaries towards the National Housing Development Fund, adding that employers will have to match with another three per cent.
The finance bill propose that employees that are not eligible for the affordable housing programme will have to accrue their savings over seven years, after which their first deductions will be given to them or upon retirement.
The Treasury also proposed an amendment to the Employment Act to provide a thirty five percent income tax on all monthly salaries above five hundred thousand shillings.
The government in the finance bill has also proposed to deduct ten percent Excise Duty on fish imports which could increase prices.
Other notable proposals include taxing employees’ per diem, also known as cash allowance.
This means Ndung’u has proposed the amendment of section 5 of the Income Tax Act.
The taxation on fuel or petroleum fuel is also expected to rise up by a double margin from the current eight percent to sixteen percent as the government look for ways to raise more revenue.
If the finance bill is passed by members of parliament, the cost of living will continue to rise. More Kenyans will be devasted.
Azimio leader, Honourable Raila Amollo Odinga, has urged members of parliament from Azimio Coalition to reject the Bill adding that President William Ruto and his administration has failed HustlersHustlers and the Wanjikus big time.
