The act now permits tax deductions for donations made to the kenya red cross. All the provisions which were due to be effective from the date the finance bill receives the assent of the president have now been implemented w. Duty act, 2015 which provided for an annual adjustment of. The measure resident tax payers owning residential properties in kenya that generate income will be taxed at 10% reduced from 12% contained in the finance bill of the gross rent received. Bill 57 561 finance bill part 1 principal rates etc 1 a bill to grant certain duties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance. Be it enacted by parliament in the sixtyseventh year of the republic of india as follows. The spending of funds withdrawn in terms of section 29 of the public finance.
The cabinet secretary to report on national government guarantees. Explanatory notes were introduced in 1999 and accompany all public acts except appropriation, consolidated fund, finance and consolidation acts. Section 2 of the value added tax act, 20 is amended. Kenya finance act 2015 insight diving deep deloitte. Download finance bill 2015 approved by president of india. This act may be cited as the finance act, 2019, and. Arrangement of sections section part i preliminary. These provisions are replicated in the changes that the finance bill has. Nairobi city county regularization of development act, 2015.
Memorandum on the nairobi city county finance bill, 2015 we would like to congratulate the county on the finance bill 2015 which introduces minimal changes to finance act 20. Kenya enacts finance bill 20 on 24 october 20, kenyas finance bill 20 was enacted into an act of parliament finance act 20 following the assent by the president. The bill formulates the proposals announced in the budget for 201516. Cabinet secretary to submit national government debt management strategy to parliament annually. The tax measures proposed through the finance bill, 2015. Draft cbrop fy 20162017formattedfinal draft nairobi city county. Procedures act, 2015 the tpa the bill has proposed various changes to the tpa, which are highlighted below. Act 3 public finance management act 2015 the public finance. Finance act amends paragraph 151d to the excise duty act, 2015 excise. The finance bill, 2019 a bill for an act of parliament to amend the law relating to various taxes and duties and for matters incidental thereto enacted by the parliament of kenya, as follows part ipreliminary 1. May 18, 2015 finance bill, 2015 has received the presidential assent on 14th may 2015 and has now become finance act, 2015 no. The finance bill 2015 had provided that the 150% incentive will cease with effect from 1 january 2016 but that the normal 100% investment deduction will thereafter apply on the qualifying costs. Draft provisions for finance bill contents part 1 direct taxes income tax. Tax amnesty for income earned outside kenya the bill has proposed a tax amnesty relating to income earned outside kenya, provided the taxpayer has.
Ukur yatani and chief representative, jica kenya office mr. Income tax all the amendments relating to income tax take effect on 1 january 2014. See section 1 an act of parliament to amend the law relating to various taxes and duties and for matters incidental thereto enacted by the parliament of kenya, as follows part i preliminary 1. The finance act 2015 has removed this proposal and thus the 150%. The finance act 2015 introduced a new tax known as a. In a bid to build a resource base of skilled manpower, the finance act 2015 provides a tax rebate scheme for employers who engage and train at. The special economic bnes bill,2015 6l trre special econoiwc zones bill, 2015 a blll for an act of parliament to provlde for the estabshment of specld economlc zoneo. Section 2 of the excise duty act, 2015, is amended. Kenyas cabinet secretary for finance gazetted the finance act, 2017 on. The objective of this act is to ensure all public finances are managed at both the national and the county levels of government in accordance with the principles set out in the constitution. The finance act 2015 has removed this proposal and thus the 150% incentive will continue to be applicable. Powers of the county executive committee member for finance to waive or vary tax, fees or charges. Tax alert highlights of the finance bill, 2019 three weeks after the reading of the budget statement by the cabinet secretary cs for the national treasury, the finance bill the bill has now been introduced into the national assembly via kenya gazette supplement no.
The finance bill, 2017 a bill for an act of parliament to amend the law relating to various taxes and duties and for matters incidental thereto enacted by the parliament of kenya, as follows part ipreliminary 1. Gregory mwakanongo cec, finance and economic planning, city hall, p. Further details of the proposed measures regarding direct taxation are summarized below. Recognition of county entities by kenya national audit office for strict adherence to procurement procedures. The reintroduction of the capital gains tax regime in kenya is expected to widen the tax net and increase tax revenue collection for the government. The special econornic bnes bill, 2015 incorporated outside kenya but registered in kenya under that act. Interpretation 1 in this act, unless the context otherwise requires approved form shall have the meaning assigned to it under the tax procedures. Spending before commencement of appropriation act for 201617.
An act of parliament to provide for the charge, assessment and collection of excise duty, to make administrative provisions relating thereto, and for connected purposes act no. Our publication incorporates changes based on the 2015 budget speech. Act 3 public finance management act 2015 the public. Finance bill, 2015 has received the presidential assent on 14th may 2015 and has now become finance act, 2015 no. It also includes references to changes in the practice of the kenya revenue authority where they are significant. The finance bill 2015 the bill was presented to the national assembly on 11 june 2015. The united republic of tanzania bill supplement no. Most gracious sovereign e, your majestys most dutiful and loyal subjects, the commons of the. This act may be cited as the finance act, 2017, short title and commencement. Under the provisional collection of taxes and duties act, the provisions of the bill will come into force on different dates between 1 july 2018 and 1 january 2019. Press release on the draft kenya sovereign wealth fund bill 2019 and draft kenya sovereign wealth fund policy. Short title this act may be cited as the excise duty act, 2015.
A bill must pass and win the governors assent in order to become law act. A finance bill is a money bill as defined in article 110 of the constitution. Be it enacted by parliament in the sixtyfourth year of the republic of india as follows. Draft provisions for finance bill part 1 direct taxes 4 a the person incurring that expense incurs no expense in that tax year in the provision of fuel for the vehicle which is used for the employees private travel private fuel expense, or. The bill formulates the proposals announced in the budget for 2015 16. Kenya finance act 2017 2018 update the finance act 2017 was assented to by the president on 21st june 2017 after being passed by the national assembly, with some amendments made to the finance bill 2017, which was tabled in the national assembly by the cs cabinet secretary for the national treasury in march 2017.
This alert summarizes the key changes introduced via the finance act. Finance act 2015 insight 5 residential rental income tax a new regime for taxation of rental income for residents has been introduced. Change of excise duty rates excise duty on telephone and internet data the finance act, 2018 has amended the excise duty act, 2015 to introduce excise duty on telephone and internet data services at the rate of 15%. Finance bill, 20 provisions relating to direct taxes introduction the provisions of the finance bill, 20 relating to direct taxes seek to amend the incometax act, wealthtax act and finance no. Foreword following the budget statement for the fiscal year 2015 2016 delivered by. Kenya revenue authority may be appointed collector. Tax amnesty for income earned outside kenya the bill has proposed a tax amnesty relating to income earned outside kenya, provided the taxpayer has filed accounts for the year 2016 by 31 december 2017. Text created by the government department responsible for the subject matter of the act to explain what the act sets out to achieve and to make the act accessible to readers who are not legally qualified. This act may be cited as the finance act, 2019, and shall come into operation, or be deemed to have come. Some changes may arise when the finance bill 2015 and subsequently the finance act 2015 are published.
Watch a recording of our webcast on the finance bill, 2019, held on 16 july 2019. Katsutoshi komori today signed a loan agreement for the mombasa special economic zone development. Tax easures and other amendments 3 a look at the finance bill, 2015 and other proposed revenue raising legislative changes. The finance act 2014 amended the eighth schedule of the income tax act ita and as a consequence, cgt was reintroduced with effect from 1 january 2015.
The national treasury is responsible for managing kenya s national and county levels of government finances. We provide a quick highlight of the various provisions. The proposals of the government for levy of new taxes, modification of the existing tax structure or continuance of the existing tax structure beyond the period approved by parliament are submitted to parliament through this bill. Kenya budget highlights and quick tax guide 2015 diving deep. Kenya finance act 2016 update the finance act, 2016 was assented to by the president in september 2016 after being passed by the national assembly, with some amendments made to the finance bill, 2016, which was tabled in the national assembly by the cabinet secretary for the national treasury, henry rotich, in june 2016. Be it enacted by parliament in the seventyfirst year of the republic of india as follows. All the provisions which were due to be effective from the date the finance bill receives the assent of the president have now. This bill is now republished for purposes of second reading and third reading. Public notice on draft financial markets consumer protection bill 2018. Act 3 public finance management act 2015 the public finance management act, 2015. Following the reading of the budget statement for the financial year 201819 by the cabinet secretary for the national treasury, the finance bill, 2018 bill has now been published. County government revenue raising measures to conform to article 2095 of the constitution.
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