Kenya: High Court extends orders barring implementing of the Finance Act, 2023
The High Court has extended orders that suspended the Finance Act 2023 until Monday next week.
The conservatory orders issued by the High Court pausing the implementation of the Finance Act 2023 will remain in effect until July 10 when the court will issue a comprehensive verdict on the matter.
The Finance Act brings the following changes:
- Introducing two more tax rates and tax bands for individuals. The tax rate for individuals earning income between KES 500,000 to KES 800,000 per month is 32.5%, while those earning above KES 800,000 per month are taxed at 35%. Employees in secondary employment will be taxed at 35%.
- Introducing a mandatory housing levy to be contributed by both the employer and employee of 1.5% of the employee's monthly gross salary respectively.