VAT on Bread Among Key Proposals Dropped in Finance Bill 2024 – MP Kimani Kuria.

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The Chairman of the National Assembly Committee on Finance and Planning, Kimani Kuria, has disclosed that the proposed 16% value added tax (VAT) on bread in the Finance Bill 2024 has been dropped.

Addressing the press at State House, Nairobi, on Tuesday, June 18, after a Kenya Kwanza Parliamentary Group meeting, the Molo MP intimated that the move was made in order to protect Kenyans from the increased cost of living.

“We are all in agreement that there are two things we must do. One of them is to protect Kenyans from from increased cost of living and therefore the proposed 16 percent VAT on bread has been dropped,” Kuria stated.

“To support again on reducing the cost of living, we’re doing something about vegetable oil so that we do not make it expensive for Kenyans,” he added.

The lawmaker further disclosed that there was not going to be an increase in the taxation of mobile transfer services.”To support again on reducing the cost of living, we’re doing something about vegetable oil so that we do not make it expensive for Kenyans,” he added.

The lawmaker further disclosed that there was not going to be an increase in the taxation of mobile transfer services.On the Social Health Insurance Fund (SHIF) and Housing Levy statutory deductions, the MP noted that the deductions will be allowable to PAYE and therefore salaried Kenyans will not pay an additional PAYE on them.

“Levies on the Housing Fund and Social Health Insurance will become income tax deductible. This means the levies will not attract income tax, putting much more money in the pockets of employees,” he remarked.

Kuria further disclosed that the  VAT on transportation of sugar and the 2.5 per cent Motor Vehicle Tax had been removed.

Additionally, he noted that

More to follow……

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