The controversial Finance Bill 2023 on Wednesday sailed through the Second Reading stage, with 176 Members of Parliament supporting it and 81 opposing.
This was after an intense debate in Parliament.
Speaker of the National Assembly Moses Wetangula said the total number of MPs who voted was 257.
The Bill is now set for the Committee of the Whole house stage, where the whole House will sit in the form of a Committee to consider the Bill clause by clause.
The Finance Bill 2023 seeks to introduce several taxes, including raising the income tax of Kenyans earning between Ksh500,000 and Ksh799,999 per month – from 30 percent to 32.5 per cent.
Kenyans with gross monthly salaries above Ksh800,000 will pay a new income tax of 35 percent if the bill is eventually approved.
The government also seeks to introduce a 1.5 per cent housing levy on salaried employees and increase taxation on petroleum products from 8 per cent to 16 per cent.
Digital content creators will also part with 5 per cent of their monthly earnings, which will be submitted to the government as tax.
Turnover tax has been increased to 3 per cent in the bill proposal from the current 1 per cent.
Digital assets will attract a 3 per cent tax, while taxation on repatriated profits will be 15 per cent, if the bill is approved in the subsequent stages.
A newsmaker, reporter and anchor at Pearl Radio, Ndalilah Sharon is witty and savvy.
She is also a firm believer of Christ.