The new areas that the Finance Bill, 2024, is focusing on to tax or allow deductions include digital content monetization, digital assets, interest in immovable property, repatriated
income, loans issued to manufacturing companies by nonresident persons, nonresident person expenditures arising outside Kenya, post-retirement medical relief fund, rental
income, exemptions by entities in manufacturing the human vaccine, automotive industry (local content), mandatory VAT registration for certain entities, among others. By design,
the proposed amendment may have business with revenue below KES. 5,000,000 being forced to register for VAT for purposes of dealing with certain entities since most allowable
deductions will be based on the VAT Act, 2013 complaint receipts.
Click HERE to view our summary that highlights some of the proposed amendments.