Kenya Lower House Considers 2024 Finance Bill

The Kenyan lower house of Parliament (National Assembly) May 13 accepted for consideration Bill No. 30, The Finance Bill, 2024. The bill includes measures that would: 1) introduce a minimum top-up tax for covered taxpayers where the combined effective tax rate regarding that taxpayer for a year of income is less than 15 percent; 2) establish a motor vehicle tax payable on the value of each motor vehicle at the time of issue of an insurance cover; 3) amend definitions, specific tax rates, and specific thresholds; 4) establish that specified advance pricing agreements are valid for up to five years; ...