Thread by @MunyaoPhilip

FINANCE BILL 2023.

I've read through the #FinanceBill2023 in detail, and here is my thorough analysis of the main provisions put forth and their possible effects on the economy and Kenyans as a whole:

1/11 Lowering Prices of Cooking Gas: The Bill proposes to exempt LPG from VAT. This will lower the cost LPG hence ensure many households including Kenyans in informal settlement have clean energy for cooking.

2/11 Lowering Prices of Unga : The Bill proposes to allow zero - rating of supply of maize corn flour, cassava, wheat under the VAT act. This will allow Kenyans to continue accessing Unga at an affordable prices which is a staple food for many households.

3/11 Economic Stimulus Measures: the bill includes economic stimulus measures to support sectors affected by the COVID -19 pandemic.
This involves tax relief,grants and financial support programs to aid businesses,individuals,and vulnerable groups during these challenging times.

4/11 Cashless Transactions: Recognizing the benefits of a cashless economy,the bill encourages digital transactions by reducing transaction fees and providing tax incentives for businesses that promote electronic payment methods.
This will enhance transparency.

5/11: Motor Vehicle Taxes: The bill proposes adjustment to motor vehicle taxes to encourage the importation of environmentally friendly vehicles and discourage the use of older, more polluting vehicles.

This aligns with efforts to reduce carbon emissions and combat climate change.

6/11 Foreign Investment Promotion: The bill aims to attract foreign direct investment by providing tax incentives for foreign companies and simplifying the investment process. This promotes economic growth,job creation and technology transfer, contributing to Kenya's development.

7/11 Affordable Housing Initiative: In an effort to address the housing shortage, the bill introduces measures to promote affordable housing.

These include tax breaks for developers, incentives for the construction of low-cost housing, and mortgage interest relief for first - time homebuyers to address house crisis in Kenya.

8/11 Agricultural Support: The bill includes provisions to support the Agriculture Sector, a crucial component of Kenya's economy.

It proposes a tax incentives for agro-processing companies, investment in irrigation infrastructure, and subsidies for farmers to enhance productivity and food security.

9/11 Green Tax Incentives: Recognising the value of environmental sustainability, the bill offers tax incentives for businesses that adapt green practices and invest in renewable energy sources.

This will encourage a shift towards eco-friendly and sustainable business operations.

10/11 Digital Service Tax: In line with global trends, the bill introduces a digital Service Tax to capture revenue from online platforms and e-commerce transactions.
This aims to ensure that digital businesses contribute the fare share to the country's tax revenues.

11/ 11 Tax Reforms: The bill proposes several tax systems and promotes economic growth which includes:
a). Reduction in corporate tax rates to stimulate investment and business growth.

b). Review of personal income tax bracket ensures fairness and simplicity.
c.) Introduction of tax incentives for specific sectors to encourage investment and job creation.

This is a big win for Kenyans,claiming back Kenya from the debt trap to kick-start an economy that works for all of us. That's the #PLAN under the leadership of President @WilliamsRuto

#PMMM
#MunyambuWaMatungulu