Banks have warned of higher cost of transacting if Parliament approves the proposed value-added tax (VAT) and higher excise on financial services, arguing there is a risk of rolling back gains in financial inclusion and eradicating money laundering.
The Kenya Bankers Association (KBA), in its submissions to the National Assembly’s Finance and National Planning Committee on the Finance Bill 2024, says the country also risks losing competitiveness as a result of taxing cross-border money transfers.
