Overview

The Finance Act 2023 of Kenya introduces new fiscal measures and tax policies aimed at boosting government revenue, fostering economic growth, and ensuring the equitable distribution of resources. It provides the legal basis for implementing changes to taxation, public finance management, and other fiscal matters.:

The Act includes amendments to various tax laws, such as income tax, value-added tax (VAT), and excise duty. It introduces new taxes and revises existing rates, targeting sectors like digital services, manufacturing, and the informal economy. It also outlines measures to streamline tax administration and enhance compliance.

The primary objective of the Finance Act 2023 is to generate additional revenue to support government spending on public services, infrastructure, and social programs. It seeks to create a more robust and transparent tax system while promoting economic activities and addressing fiscal deficits.

The Act also addresses emerging economic challenges, including digital transformation and climate change. By implementing modern tax measures and incentives, the Finance Act 2023 aims to align Kenya's fiscal policy with global trends and the country's long-term development goals.

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