Kenya Treasury Seeks Comments on 2024 Draft Budget Policy Statement

The Kenyan National Treasury Dec. 18 opened a consultation on the 2024 draft budget policy statement. The draft includes measures that would: 1) reduce the corporate income tax to 25 percent from 30 percent over the strategy period; 2) phase out the preferential corporate tax rates; 3) review the residential rental income tax regime and re-introduce the minimum tax; 4) introduce a withholding tax on payments made for goods supplied to the government as an advance tax; 5) review tax exemptions for corporate entities and individuals to expand the tax base and personal income tax band structure; 6) introduce VAT ...