
The tax put forward in the new Finance Bill 2024 seeks to introduce an annual tax that will be paid during motor vehicle insurance cover acquisition. Set at a minimum of Ksh.5,000, the levy will be 2.5 per cent of the vehicle’s value.
Kimani, who described the levy as “a hybrid of income and wealth tax” on Tuesday said the move is meant to encourage investment in what he described as an elaborate local public transport system.