[Elvis Ogina, Standard]The Kenya Kwanza administration has proposed tax measures that are set to see the already high cost of living go even higher for majority Kenyans as the government seeks to increase tax revenues in its first budget. The Bill also empowers KRA to demand taxes from any business or individual to pay tax within 24 hours after a transaction is concluded. It is however more specific that digital asset tax, income tax on rental income as well as excise duty on betting should be remitted to KRA within a day. Perhaps to the relief of consumers and businesses, Treasury has proposed doing away with the annual inflation adjustment on excise duty by repealing Section 10 of the Excise Duty Act (2015). The section allows KRA to increase excise duty on different products to cater for inflation.

Source: Daily Nation May 05, 2023 12:42 UTC