On Monday, President William Ruto demonstrated his commitment to the nation’s economic stability as he assented to the Finance Bill, 2023 and the Appropriations Bill, 2023 at State House, Nairobi.
The Finance Act will play a crucial role in shaping Kenya’s economic landscape and the well-being of its citizens.
With the Finance Bill 2023 now an Act of Parliament, its provisions will ensure efficient service delivery, spur development across sectors, and create a favourable environment for economic growth in the country.
Wanjiku stands to benefit as follows;
- Availability of resources will ensure efficient service delivery, development, and a conducive business environment for economic growth in Kenya.
- Reduced reliance on expensive loans for social development will ease the burden on Wanjiku, prioritizing their well-being and progress.
- Affordable housing program will reduce slums, preserve dignity, and create job opportunities.
- Lower tax rate on residential rental income will benefit landlords and potentially lead to lower rent for tenants.
- Zero-rating of staple food items will reduce production costs and improve affordability of food items.
- Tax exemptions for fertilizer manufacturers will enhance food security and lower farming expenses.
- Healthcare cost reduction through exemptions and post-retirement medical funds will ensure affordable and accessible healthcare.
- VAT exemption and importation benefits for LPG will promote affordability and clean energy usage.
- Excise duty on imported furniture and imported fish will protect domestic production and support local industries.
- Export and investment promotion levy will stimulate manufacturing, employment, and investments while reduction in Import Declaration Fee (IDF) will lower import costs and benefit traders and consumers.
- Reduced excise duty on telephone and data services and money transfer services will promote affordability of telecommunication services and ensure financial inclusion.
The finance Act represents a comprehensive forward-thinking approach to governance, prioritizing the well being of Wanjiku and the nation’s overal development.
