Kenya: MPs Urged to Relook Proposed 16% VAT On Financial Transactions

Nairobi — Kenyan bankers are against a proposal by the government to introduce a 16 percent VAT on financial transactions under the Finance Bill 2024.

While VAT applies to payments for goods and services, the Kenya Bankers Association (KBA) says that bank charges are not a direct payment for anything but a cost recovery.

Since banks are not delivering any goods to customers, bank charges are not considered ‘VATable’, it said.

The Finance Bill 2024 seeks to introduce VAT on various financial…

Read more on AllAfrica.com

South Africa Today Africa – East Africa Kenya News