Finance Bill: Parliamentary committee gives further recommendations for amendment

The National Assembly Finance and Planning Committee has made further recommendations to a number of contentious clauses in the finance bill 2023, ahead of its Tabling in Parliament on Tuesday.

Top on the recommendation list is the proposal to lower the 3% Housing Levy to 1.5 % and be only deducted from employees.

The committee recommended that its implementation be also deferred to January 2024 in order to put in place a water-tight legal framework ahead of its implementation.

The Levy was the main talking point in the Finance Bill 2023 public participation hearing.

Chairperson of the committee and Molo MP Kuria Kimani on Sunday said they are also recommending that the 15% VAT on Digital Content Creation be reduced to 5.

The Committee has also recommended tax waivers on Agricultural inputs, vaccines and electric cars.

However, the National Assembly Finance Committee has recommended the retention of the 16% VAT on Petroleum products.

With the Finance Bill 2023 set for Tabling in parliament on Tuesday, the second reading of the bill on the floor of the house is expected on Wednesday after the approval of the House Business Committee.