The Finance Act, 2023

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.

  1. 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.
  2. 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.
  3. 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.
  4. 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)

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