KAM Engages IMF on the Finance Bill 2024

11/06/2024: KAM engaged IMF Kenya Resident Representative, Selim Cakir, on the impacts of the Finance Bill, 2024. The Bill seeks to amend laws relating to various taxes and duties. Additionally, it introduces various amendments including: The Eco Levy, which is a new environment tax targeting manufacturers and importers of selected 18 products. This levy will affect various products including plastic packaging, car batteries, diapers & sanitary towels and rubber tyres. Excise duty. Under the Excise Duty Act, the government has proposed to remove the provision allowing manufacturers to offset the costs of their raw materials subject to excise.

Whereas we recognize the government’s need to raise revenue, it is imperative that it reconsiders some of the changes that the Finance Bill 2024 proposes, which will have far-reaching impacts on the manufacturing sector, and to a larger extent, the local mwananchi.