The Finance Bill, 2024 is finally out. In contrast to previous years, where the emphasis was on raising additional revenue from the existing tax base, this year's Bill has adopted a noteworthy strategy aimed at broadening the tax base to include previously untouched sectors.
One proposal under consideration is the introduction of a motor vehicle circulation tax of 2.5 percent of the vehicle value at the time of insurance coverage acquisition. This tax is to be capped at a minimum of Sh5,000 and a maximum of Sh100,000.
