Kenya Kwanza Slashes the Proposed Housing Fund from 3% to 1.5%

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President William Ruto’s Kenya Kwanza Administration on Monday succumbed to pressure and slashed the Housing Fund levy by half, from the current 3.0 percent to 1.5 percent.

The reduction comes as a direct response to the widespread public outcry on a number of proposals in the 2023 Finance Bill, with a considerable number of Kenyans expressing strong opposition to the Housing Levy.

“The Housing Fund contribution has been reduced to 1.5% from the proposed 3%. Ruto listens,” President Ruto’s United Democratic Alliance (UDA) party tweeted.

The National Assembly Finance Committee has been gathering input from stakeholders and members of the public regarding the Bill. The clause on the housing levy has garnered significant attention and uproar from Kenyans.

The Committee on Tuesday will present the revised edition of the Bill for discussion in the National Assembly.

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