The National Treasury submitted four amendment bills to Parliament that proposed various tax and administrative reforms to help the country raise revenue for its development programmes.
The four bills include Tax Laws (Amendment) Bill 2024, Tax Procedures (Amendment) Bill 2024, Public Finance Management (Amendment) (No.3) Bill 2024 and the Public Finance Management (Amendment) (No.4) Bill 2024.
According to Treasury CS John Mbadi, the proposals seek to broaden the tax base while enhancing transparency in the utilisation of public funds.
Some of the major proposals include the new Significant Economic Presence Tax and tax reforms for SHIF and Housing Levy deductions. He is an explainer of the major proposals and how they affect you.
By NairobiLeo