Kenya President Signs Finance Bill as Opposition Boycotts Session
President William Ruto has signed into law the Finance Bill that was approved by the National Assembly.
The controversial Bill was passed during a stormy session, largely boycotted by the opposition.
Following the Bill's passage, the president confirmed that the tax bill will enable his administration to deliver on their manifesto pledge to Kenyans and cut on huge dependence on external debt.
The Finance Bill seeks to raise additional revenue in taxes to finance the Kenya Kwanza administration's budget for the 2023/24 financial year.
Employers are required to remit 1.5% housing levy deducted from employees to the government in nine days, to fund affordable housing scheme.
With the bill victory, Kenyans are set to brace themselves for high cost living following the increase on Value Added Tax (VAT) on petroleum products from 8 to 16%.
The income earned through digital content monetisation will be subjected to a 5% withholding tax, which matches with the percentage rate for other professional services.
In an interview with France24 in Paris, Ruto said he has no problem with protests against the high cost of living organised by opposition leader Raila Odinga, as long as they don't lead to the destruction of property.
