Parliament on Thursday endorsed the Presidential reservations on the Finance Bill, 2018, in a chaotic sitting, at the end of which the House was sharply divided on the manner in which a tax on fuel was adopted.
With the victory, the Executive has the power to raise up to Sh130 billion through the eight percent levy on fuel products that will see about Sh17.5 billion realised from sugar confectioneries (Sh475 million), money transfers (Sh11.4 billion), betting companies and winners (Sh30 billion), housing fund (10 billion) and kerosene (Sh9.8 billion).
The memorandum proposed a deletion of 0.05 percent “Robin Hood” tax regime, which had been proposed on the money transfers of at least Sh500,000. Find out more
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