More taxes for Kenyans in new budget- Summary of the 2023/2024 finance bill

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.