The Finance Bill 2023 introduces various new taxes starting next month

1. Small and Medium Enterprises (SMEs) earning between Sh1 million and Sh25 million will be required to pay a 3% tax on all their sales revenue.
2. Influencers engaged in digital content creation will be subject to a 5% withholding tax on their earnings.
3. The prices of petrol, diesel, and kerosene will reach a record high due to an increase in the Value Added Tax (VAT) on petroleum, which will rise to 16%.
4. High-income earners will experience higher taxes on their gross salaries.
   • Income between Sh500,000 and Sh800,000 will be taxed at a rate of 32.5%.
   • Income above Sh800,000 will be subject to a 35% tax.
5. A monthly housing levy of 1.5% will be deducted from the gross monthly pay.
6. The National Hospital Insurance Fund (NHIF) will deduct 2.75% from the gross pay.
7. The Kenya Revenue Authority (KRA) will begin taxing mileage allowances that exceed the tax-free mileage allowance approved by the Automobile Association of Kenya.
8. The excise duty on betting will increase to 12.5%.
9. A 15% withholding tax will be imposed on fees charged for advertisements related to alcoholic beverages, betting, gaming, lotteries, and prize competitions in various media, including television and newspapers.
10. Fish imported into Kenya will be subject to either a 10% excise duty or Sh100,000 per ton, whichever is higher.
11. Importers of sugar, powdered juice, furniture, plastic and rubber products, paper and paper products, safety matches, particle boards, plywood, and other timber goods will face increased customs duties ranging from 10% to 30%.