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The entrance to Kenya's Parliament/FILE


MPs to hold Special Sitting over planned reversal of key tax rates

NAIROBI, Kenya, Dec 17- The National Assembly will hold a special session on Tuesday next week to deliberate on the planned reversal of key tax rates.

Speaker Justin Muturi said the session will enable legislators debate on the proposed reversal of Pay As You Earn (PAYE), corporate tax and Value Added Tax (VAT).

The tax exemptions had been issued by President Uhuru Kenyatta to cushion Kenyans against the economic meltdown occasioned by COVID-19 pandemic.

Starting next year, the individual and corporate tax rates will return to 30 percent from the current 25 percent.

The old rates will start effective January 2021.

According to Treasury Cabinet Secretary Ukur Yattani, the government will continue cushioning low-income earners by retaining the 100 per cent tax exemption relief for those earning a monthly income of Sh24,000 and below.

The stimulus package was announced in March when the first case of COVID-19 was confirmed in the country.

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