Analysis of the contentious Finance Bill 2024

Lena pointed out some of the positive and negative sides to the Finance Bill, highlighting that employees have some winnings as non-cash benefits have been given a bump as well as additional relief in terms of pension contributions. 

She further went on to highlight that on the flip side, the standard rating of certain VAT items as well as services including financial and insurance services will likely have a negative ripple effect on the economy as Kenyans may opt to transact with cash as against using their debit cards and cheques due to high transaction costs. She was also of the view that this may also adversely affect the uptake for banking and insurance services.