Jug
Elder Lister
The cost of basic consumer goods which are the subject of excise duty is set to rise upon the adjustment of the rate of duty for inflation on October 1.
In a notice issued on Tuesday, the Kenya Revenue Authority (KRA) Commissioner General said the tax man would adjust the rate of excise duty using 4.97 per cent as the average inflation rate covering the 2020/21 financial year.
The adjustment which is in line with provisions of the 2015 Excise Duty Act has now been subjected to stakeholder input through public participation ahead of the approval of the adjustment by National Treasury Cabinet Secretary Ukur Yatani.
The inflation adjustment is expected to impact the cost of all excisable goods and services which includes fuel products, beer, wines & spirits, food supplements, fruit juices, bottled water, cigarettes and its substitutes and motor vehicle imports.
Services covered under excise duty meanwhile include telephone and mobile internet services alongside fees charged for money transfer services by cellular phone service providers, banks, money transfer agencies and other financial service providers.
The inflation adjustment to the rate of excise duty is meant to cover KRA against revenue spillages emanating from inflation.
Na 2B inapotezwa kila siku, mwenye alituroga tunaomba msamaha kwa makosa tulifanya na yenye bado hatujafanya. Haha sasa it makes sense mbona waliallow basi zirudi kubeba full capacity kumbe tumekuwa tukichezwa
In a notice issued on Tuesday, the Kenya Revenue Authority (KRA) Commissioner General said the tax man would adjust the rate of excise duty using 4.97 per cent as the average inflation rate covering the 2020/21 financial year.
The adjustment which is in line with provisions of the 2015 Excise Duty Act has now been subjected to stakeholder input through public participation ahead of the approval of the adjustment by National Treasury Cabinet Secretary Ukur Yatani.
The inflation adjustment is expected to impact the cost of all excisable goods and services which includes fuel products, beer, wines & spirits, food supplements, fruit juices, bottled water, cigarettes and its substitutes and motor vehicle imports.
Services covered under excise duty meanwhile include telephone and mobile internet services alongside fees charged for money transfer services by cellular phone service providers, banks, money transfer agencies and other financial service providers.
The inflation adjustment to the rate of excise duty is meant to cover KRA against revenue spillages emanating from inflation.
Na 2B inapotezwa kila siku, mwenye alituroga tunaomba msamaha kwa makosa tulifanya na yenye bado hatujafanya. Haha sasa it makes sense mbona waliallow basi zirudi kubeba full capacity kumbe tumekuwa tukichezwa
