Finance Bill highlights
1. Bitcoin and NFTs now defined as digital assets that are subject to tax. Sale of bitcoin and NFTs subject to tax at 3%
2. GOK employees to pay tax on per diem!
3. All “paid partnerships” on IG and brand ambassador roles now to be taxed.
4. Marketing services now subject to 5% withholding tax while the digital content monetisation is subject to 15% withholding tax.
5. If you earn more than 500k per month, then your marginal PAYE tax rate has moved from 30% to 35%.
6. LPG and fertiliser inputs now VAT exempt.
7. Exported services moved from being subject to 16% VAT to being VAT exempt.
8. If a taxpayer disputes a tax assessment by the KRA and appeals to the Tax Appeals Tribunal, they need to deposit 25% of the disputed tax.
9. Wigs, human hair, false beards, eyebrows and eyelashes will now be subject to 5% excise duty.
10. Imported mobile phones to be subjected to 10% excise duty.
11. Print, TV, billboard and radio ads to be charged a 15% excise duty if related to betting or alcohol.
