Connect with us

Hi, what are you looking for?

top
Capital News
The entrance of Kenya's National Assembly.

Kenya

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.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital News

County News

Sophie promised to mobilise her European colleagues in the industry to support needy children in the country.

World

Ciudad Victoria, Mexico, Jan 24 – At least 19 charred corpses have been discovered in Mexico near the US border in an area where...

Capital Health

Health Cabinet Secretary Mutahi Kagwe said the infections reported on Sunday were identified from 2,985 samples tested within 24 hours.

Capital Health

The period under review was characterized with an economic meltdown and job losses, with security officers being on spot for use of excessive force...

Fifth Estate

While its standard practice for running political parties in Kenya to remain brutal, cunning and complex, it is time we thought serious about allowing...

Capital Health

In the findings of a research conducted in 24 counties with a sample population of 800 respondents, the healthcare workers scored 70 per cent...

business

Sixty-five per cent of 800 respondents interviewed between December 27 and December 29 said government did not do a good job running the economy.

World

Caracas, Venezuela, Jan 24 – Venezuelan President Nicolas Maduro said Saturday he was willing to “turn the page” with the US under President Joe...