Thread by @ushuru_co_ke

Budget shockers in the Finance Bill, 2023

Bitcoin and NFTs now defined as digital assets that are subject to tax

GOK employees to pay tax on per diem!

All "paid partnerships" on IG and brand ambassador roles now to be taxed

PAYE rates gone up to 35%

Marketing services now subject to 5% withholding tax while the digital content monetisation is subject to 15% withholding tax

Sale of bitcoin and NFTs subject to tax at 3%

If you earn more than 500k per month, then your marginal PAYE tax rate has moved from 30% to 35%

LPG and fertiliser inputs now VAT exempt

As promised in the AMCHAM meeting attended by H.E., exported services moved from being subject to 16% VAT to being VAT exempt.

If as a taxpayer disputes a tax assessment by the KRA and appeals to the Tax Appeals Tribunal, they need to deposit 25% of the disputed tax

Daily payment of excise duty by betting companies, now codified.

Wigs, human hair, false beards, eyebrows and eyelashes will now be subject to 5% excise duty

Imported mobile phones to be subjected to 10% excise duty

Print, TV, billboard and radio ads to be charged a 15% excise duty if related to betting or alcohol.

New tax amnesty loading...

GOK now wants 3% of your basic pay, payable to the National Housing Development Fund. If you qualify for affordable housing, your house will be financed. If you do not qualify, your contributions go to your pension after a 7 year period.

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