Highlights Of The Finance Bill 2024
The Public Finance Management Act requires the CS for National Treasury and Planning to table the Finance Bill before the National Assembly by 30th April.

The Public Finance Management Act requires the CS for National Treasury and Planning to table the Finance Bill before the National Assembly by 30th April. However, the Kenya Finance Bill 2024 was presented to Parliament on the 9th of May, 2024.

The Kenya Finance Bill, 2024 comes with a raft of proposals to amend the tax laws with many proposals realigning with the Medium Term Revenue Strategy. These proposed amendments cover the Income Tax Act, Value Added Tax Act, the Tax Procedures Act, the Excise Duty Act and the Miscellaneous Fees & Levies Act.

The Bill also seeks to amend other pieces of legislation relating to the Affordable Housing Act, the Data Protection Act, the Public Finance Management Act and the Kenya Revenue Authority Act.

Below is our analysis of the key changes proposed in the Finance Bill, 2024, herein referred to as ‘The Bill’.

The bill proposes to exempt from the requirements of Data Protection Act 2019 disclosures relating to; assessments, enforcement or collection of any tax duty under a written law. This aims to shield the commissioners from legal disputes on data protection while on the other hand it gives guarantee that taxpayer’s information is transmitted and processed without data protection constraints, an example of the enforcement of the electronic tax invoicing system.

Leave a Reply

Your email address will not be published. Required fields are marked *