This archive report was first published on 7 November 2019.
On Thursday, November 7, 2019, President Uhuru Kenyatta signed the Finance Bill 2019 into law at State House, Nairobi, in the presence of senior government officials.
The Finance Act 2019, which repeals section 33b of the Banking Act, aims to enhance access to credit for the private sector, particularly Micro, Small and Medium Enterprises (MSMEs), and curb exploitative shylocks and unregulated lenders.
Additionally, the new law introduces a tax on income raised from the digital marketplace to ensure equity in taxation.
As part of the government's efforts to support the affordable housing pillar of the Big 4 Agenda, the Finance Act 2019 exempts the National Housing Development Fund from income tax.
Those in attendance at the signing ceremony included Speaker of the National Assembly Justin Muturi, Head of Public Service Joseph Kinyua, National Treasury CS Ukur Yatani, and Attorney General Paul Kihara, among others.
