Kenya Roundup: Finance Act implementation, weak Kenyan shilling, Odinga protest
Finance Act 2023 tax implementation
The concluding stage of the Finance Act 2023 measures is scheduled to take effect on January 1, 2024. President William Ruto endorsed the Act on June 26, and it was officially gazetted on June 27, 2023, the Star reports. While the majority of the tax measures came into play on July 1, including the controversial housing levy, a few others were enforced on September 1, with the remainder slated for implementation on January 1, 2024. Notably, medical post-retirement relief is among the measures offering tax relief for post-retirement medical fund expenses. “A resident individual who proves that in a year of income, a person has contributed to a post-retirement medical fund shall, for that year of income, be entitled to a personal relief in this Act referred to as post-retirement medical fund relief,” the amendment states.
Weak Kenyan shilling
Traders importing goods from Kenya's market find solace in the weakening shilling as Kenyans continue to grapple with high unemployment, a soaring cost of living, and economic challenges. The Kenyan shilling's 16.7% depreciation against the Uganda shilling since June 2023 has provided favourable conditions for traders, The East African has reported. Driven by the U.S. dollar's strength, this shift has resulted in financial gains, lower tax expenses, and discounted product prices for traders. Despite economic difficulties, traders are advised to save these gains for future uncertainties.
Countdown to New Year
As millions of Kenyans prepare to welcome 2024, various parts of the country are set to be illuminated by fireworks. Entertainment spots, parks, and churches have organised diverse activities to mark the occasion, according to local media KBC. Increased security measures are in place, with Mombasa Deputy Commissioner Ronald Mwiwai urging residents to extend kindness to visitors and less privileged members of society. Events like the Mombasa International Festival (MIfest) promise entertainment, coastal cuisines, and a celebration of cultural heritage.
Sanitation Bill targets improved standards
The Environmental Health and Sanitation Bill, 2023, proposed by Mukurweini Member of Parliament John Kaguchia, aims to ensure Kenyans enjoy a clean and healthy environment. The bill makes it an offence to urinate or defecate in the open, with penalties for individuals allowing waste to flow into public spaces, Nation reports. “A person who contravenes the sub-sections shall be guilty of a crime and shall be liable on conviction to a fine not less than Sh5,000 ($31) or imprisonment for a term of three months or both,” reads the bill. The legislation emphasizes the establishment of interventions by county governments to eliminate open defecation.
Raila Odinga plans New Year protest
Opposition leader Raila Odinga signals intentions to mobilize Kenyans for protests against perceived government excesses, including high taxation, withheld education funds, and corruption. In his New Year message, Odinga expresses regret over the challenges faced by Kenyans and calls for unity to reclaim the nation, the Nation reports. He emphasizes the need to liberate citizens from what he terms oppression and exploitation by the state.
