The proposed budget, which seeks to promote growth of industry, is 22.82 per cent larger than the Sh1.84 trillion budget for the year ending this month. Poor households using kerosene for cooking and lighting and motorists are among the big losers in the Sh2.26 trillion budget presented to Parliament Wednesday by National Treasury CS Henry Rotich. Rotich proposed reintroducing the excise duty on kerosene, which was scrapped in 2011, at a rate of Sh7,205 for every 1,000 litres, meaning Sh7.21 additional levy per litre. Duty on gas stoves and electric cookers has been slashed to 10 per cent from 25 per cent. Rotich said he will be gazetting rules to implement the simplified 10 per cent tax on gross rental income for landlords earning less than Sh10 million.

Source: The Star June 09, 2016 05:37 UTC