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Tax system calibration major test for KRA in 8pc fuel levy
Parliament in session: There is a need to review other laws for the reduced VAT to work without hiccups. FILE PHOTO | NMG
Measured against the intense pain and financial burden that the new 16 per cent Value Added Tax (VAT) on fuel has caused across the Kenyan economy, the proposed reduction of the rate to eight per cent must have come as big relief for fuel marketers, distributors and consumers.
No one can deny that the lower VAT rate is a better option than the previous exemption regime, which among other challenges did not allow fuel distributors’ credits for the VAT incurred in the business of supplying fuel.
