Editor's Review

President William Ruto on Monday, June 26 signed the Finance Bill 2023 into law at State House, Nairobi. 

President William Ruto on Monday, June 26 signed the Finance Bill 2023 into law at State House, Nairobi. 

The Head of State signed the bill after it passed the third reading in the National Assembly and will now become effective on Saturday, July 1. 

The President also approved the Supplementary Appropriations (No. 2) Bill, 2023 warranting the additional spending by the National Government of Sh22.9 Billion from the Consolidated Fund. 

184 Members of Parliament, largely from Kenya Kwanza, supported the Bill while  88 legislators from the Azimio coalition opposed the Bill. 

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President Ruto signs Finance Bill 2023 into law. 

Kenyans will have to dig deeper into their pockets with the doubling of VAT on fuel from 8% to 16%. 

In addition, digital content creators are now subject to a 5% withholding tax after it was amended from the proposed 15%. 

The controversial Housing levy which was initially proposed at 3%, was passed after it was amended to 1.5%. It has now been converted into a tax.