The Finance Act, 2023 was enacted by the Parliament of Kenya to amend various tax and duty laws. Here are some key highlights from the Act.
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Effective Dates
- Different sections of the Act came into operation on specific dates:
- On 1st September 2023, sections 10, 26(b)(xiii), 52, 56, 63, 64, and 74.
- On 1st January 2024, sections 5©, 6, 12, 14, 20, 25, 26(a), 26(b)(iii), 26(b)(v), 26(b)(vii), 26(b)(ix), 26(b)(x), 26(b)(xii), and 27.
- All other sections came into effect on 1st July 2023.
- Different sections of the Act came into operation on specific dates:
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Income Tax Amendments
- The Act introduces changes to the Income Tax Act, including:
- Taxation of cryptocurrencies.
- Turnover tax provisions.
- Withholding tax on digital content.
- Exemptions for human vaccines and special economic zones.
- The Act introduces changes to the Income Tax Act, including:
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Digital Content Monetization
- The Act defines digital content monetization as offering content electronically through various forms, including advertisements, sponsorships, affiliate marketing, subscription services, licensing, and more.
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Other Provisions
- The Act covers a wide range of tax-related matters, including amendments to VAT, excise duty, and other taxes.
For detailed information, you can refer to the full text of the Finance Act, 2023 .
Key Highlights of Finance Act by Kenya Revenue Authority (KRA)