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The Kenya Forum | Finance Bill 2024 to introduce motor vehicle tax - The Kenya Forum

May 2, 2024

Summary

If enacted the tax will be 5% on the value of the car to be deducted annually.

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Finance Bill 2024 to introduce motor vehicle tax

Finance Bill 2024 to introduce motor vehicle tax

Finance Bill, 2024 Introduces the Motor Vehicle Tax

If you own a vehicle in Kenya you will be mandated to pay an annual motor vehicle tax if the Finance Bill, 2024 is implemented. If enacted the tax will be 5% on the value of the car to be deducted each year by the insurance company.

The Finance Bill, 2024, introduced by the National Treasury, seeks to introduce the Motor Vehicle Tax as a means to generate additional revenue for the government. Under this proposed legislation, owners of motor vehicles in Kenya would be required to pay a specified tax based on various factors such as vehicle type, engine capacity, and age.

The introduction of the Motor Vehicle Tax is expected to have far-reaching implications for both vehicle owners and the broader economy. Proponents argue that it will not only provide much-needed revenue for public projects but also encourage the adoption of eco-friendly vehicles and reduce traffic congestion through higher taxation on older, less fuel-efficient vehicles.

However, the proposed tax has sparked debate among stakeholders, with some expressing concerns about its potential impact on vehicle affordability and the overall cost of living. Critics argue that the tax could disproportionately affect low-income earners and small businesses reliant on transportation for their livelihoods.

Kenyans on Twitter react to Motor vehicle tax proposal

Alexander Sarikas: So if my car is worth 2m, 100K a year! And if I keep the car for 5 years, 500K or will it follow the devaluation of approx 7% per year? Cant fix a 5% on value in 2024 and it is the same 5% ad infinitum!

Ezekiel Macharia: The estimated collections if enacted will be about KES 60 billion. Enough to build a new Nairobi Expressway every year.

Anwar Saddat: He has moved from raiding people’s paystubs to their cars.

Douglas Orang’i: Insatiable appetite for taxes!

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