The price of kerosene will touch a new high, after Mr Kenyatta proposed a new levy. “Excise duty on fees charged for money transfer services by banks, money transfer agencies and other financial service providers shall be 20 percent of their excisable value,” the President said in his memo. “An employer shall pay to the National Housing Development Fund 1.5 percent of the monthly basic salary,” Mr Kenyatta said in the memo to MPs. The costs of bank charges like ATM, account fees and over-the-counter withdrawals will also increase after President Kenyatta proposed to double the taxes to 20 percent from the current 10 percent. The Kenya Bankers Association (KBA) chief executive Habil Olaka warned the introduction of the higher taxes on financial services as well as mobile money transfer services will hurt the country’s efforts to promote financial inclusion.

Source: Daily Nation September 20, 2018 00:56 UTC