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Kenya: Key changes proposed under the Finance Act, 2023

28 June 2023
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Overview

  • The Kenyan Finance Bill, 2023 has sparked intense public debate as it comes at a time when the cost of living has increased significantly, and Kenya is grappling with the burden of numerous debts incurred to finance various Government programs.
  • Despite the intense opposition to the Finance Bill by various sections of the public, we understand that earlier today, the President assented to the Finance Bill, 2023 into law.
  • Whilst the Finance Act is yet to be officially published, we have reviewed the current version of the Finance Act circulating amongst industry stakeholders and provided an analysis of the key changes proposed.

The Finance Bill, 2023 has sparked intense public debate as it comes at a time when the cost of living has increased significantly, and the country is grappling with the burden of numerous debts incurred to finance various programs of the Government.

Despite the intense opposition to the Finance Bill by various sections of the public, we understand that earlier today, the President assented to the Finance Bill, 2023 into law. Pursuant to the Constitution of Kenya, once a bill has been assented into law, it should be published as an Act of Parliament within seven (7) days after assent.

Whilst the Finance Act is yet to be officially published, we have reviewed the current version of the Finance Act circulating amongst industry stakeholders. Please click here to read our analysis of the key changes proposed by the Finance Act.