Kenya Plans Taxes on Phones, Banking Fees to Raise $1 Billion

Kenya plans taxes on mobile phones and banking fees to help raise nearly $1 billion in revenue in an effort to trim the nation’s fiscal deficit to its lowest in a decade and tackle debt challenges.

Mobile phone imports would attract a 25% excise duty, while banking and transaction service fees would be subjected to a levy, according to the proposals published on the National Assembly website.

The raft of tax proposals in the finance bill are expected to yield 120.3 billion shillings ($931 million), according to the Treasury. Lawmakers have until the end of June to review the ...