Introduction
The Finance Bill, 2022 (the Bill) was published
and gazetted on 8April 2022.The Bill proposes to make amendments to
a raft of tax-related laws in Kenya, including the Income Tax Act
(Chapter 470, Laws of Kenya), the Value Added Tax Act, 2013, the
Tax Procedures Act, 2015, the Miscellaneous Fees and Levies Act,
2016 and the Excise Duty Act, 2015, among others. Additionally, the
Bill proposes changes to other statutes such as the Capital Markets
Act, the Insurance Act, the Unclaimed Financial Assets Act, the
Statutory Instruments Act and the Evidence Act.
Generally, bills come into effect either on the date of assent
by the President or on the date of operation specified within the
bill, whichever is earlier. We note that in the Bill, some of the
proposed amendments, particularly those relating to income tax,
have an effective date of 1 January 2023, while majority of the
other proposed amendments have been indicated to come into force on
1 July 2022.
