This archive report was first published on 7 November 2019.
On November 7, 2019, President Uhuru Kenyatta signed the Finance Bill 2019 into law at State House, Nairobi. The new law repeals section 33b of the Banking Act, which capped bank interest rates, and introduces tax on income raised from the digital marketplace.
The repeal of the interest rate cap is expected to enhance access to credit for the private sector, particularly Micro, Small and Medium Enterprises (MSMEs), and cut out exploitative lenders.
As part of the government's efforts to support affordable housing, the Finance Act 2019 exempts the National Housing Development Fund from income tax.
Senior government officials, including Speaker of the National Assembly Justin Muturi and Head of Public Service Joseph Kinyua, attended the signing ceremony.
Related topics include interest rate cap, loans, Finance Bill 2019, Banking Act, and more.
