Event report
Breakfast with Forvis Mazars Kenya
Unpacking Finance Bill, 2024.
Today we hosted a highly engaging breakfast meeting focused on the Finance Bill 2024. We partnered with our esteemed members who recently rebranded to Forvis Mazars in Kenya. The session, led by Peter Momanyi and Charles Gathuto brought together stakeholders from various industries to discuss the bill's contentious aspects and their implications.
Discussion Highlights:
- Income Tax Changes:
-Proposed adjustments in tax brackets and rates.
-Impact on both individual and corporate taxpayers.
- VAT and Excise Duties:
-Analysis of the proposed VAT rates and exemptions.
-Implications for businesses, especially in manufacturing and retail.
- Tax Procedures:
-Reintroduction of the commissioner's discretion to abandon taxes in cases of inequity or hardship.
-New penalties for non-compliance with tax procedures.
- Digital Content Monetization:
-Introduction of withholding tax at 5% for residents and 20% for non-residents on digital content earnings.
-Imposition of a 3% digital asset tax on platform owners or facilitators of digital asset exchanges.
- Deletion of Exemptions:
-Removal of exemptions for various incomes, including those from amateur sporting associations, registered trust schemes, and interest from infrastructure bonds.
-Changes to pension exemptions and exemptions for the National Housing Development Fund.
Participants engaged in vibrant discussions, raising critical questions. Our speaker provided comprehensive analyses and strategic guidance on adapting to these changes.
We extend our gratitude to our speakers and all attendees for their active participation and insightful contributions.
