ARTICLE · 26 JULY 2023

Key Tax Changes Introduced By The Finance Act 2023

Anjarwalla & Khanna

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In May 2023, we released a legal alert analysing the Finance Bill, 2023 and its proposed implications. The Bill underwent significant public participation and a contentious Parliamentary debate.

KenyaFinance and Banking

Kenneth Njuguna

In May 2023, we released a legal alert analysing the Finance Bill, 2023 and its proposed implications. The Bill underwent significant public participation and a contentious Parliamentary debate.

It was ultimately enacted as the Finance Act, 2023, receiving Presidential assent on 26 June 2023. The Act includes provisions that were expected to take effect on 1 July 2023, 1 September 2023, and 1 January 2024.

However, on 30 June 2023, just one day before most of the legislative changes were set to take effect, the High Court granted conservatory orders delaying the implementation of the Act until 5 July 2023. This means that until the High Court provides further directions after its hearing on 5 July 2023, the Kenya Revenue Authority is prohibited from implementing the Act's provisions that were initially scheduled to take effect on 1 July 2023.

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