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The Treasury marks tax exemption for the health sector in Kshs. 3.6T Budget – KBC

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The National Treasury and Planning is proposing to introduce Value Added Tax (VAT) exemptions for some essential medical equipment and equipment to support efforts to secure the health sector in the country and create employment opportunities for young people.

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In the 2021/22 and medium term Budget along with the Finance Bill 2021 submitted to Parliament for consideration, Secretary of the National Treasury Cabinet Ukur Yatani said Kshs. The 3.632 trillion budget will focus on the recovery of COVID-19 and the Big Four Agenda which includes food security, affordable housing, manufacturing, and health care for everyone.

In a statement to newsrooms, CS Yatani says the budget proposes to balance between stimulating economic recovery and responding to the health challenges of the COVID-19 epidemic.

“In preparing the estimates we have been very active in the current challenges of the ongoing crisis, while ensuring that we continue on a sustainable path of economic recovery, by investing KES 26.6 billion in the Post COVID-19 Stimulus Program (PC-ESP) and KES 135.3 billion in The Four Major Presidential Agenda on universal health care, food and nutrition, manufacturing and affordable housing ”, noted Yatani.

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Under the proposed 2021/22 expenditure plans, the Executive will be given Kshs. 1.879 Trillion, Parliament Kshs. 37 billion by the Court Kshs. 17 billion as per the 2021 Budget Policy Statement (2021 BPS) approved by Parliament earlier this year.

The Finance Act 2021, for its part, seeks to amend the Income Tax Act, the VAT Act, the Income Tax Act, the Tax Procedures Act, the Tax Payment and Excise Act, as well as the Capital Markets Act, the Great Deposit. The Kenya Revenue Authority Act, the Insurance Act and the Retirement Benefit Act, to facilitate the implementation of budget proposals.

“We propose to introduce VAT exemptions for respiratory equipment, prescription drugs and supplements to boost the health sector by reducing costs, while also supporting youth employment by proposing tax deductions for employers involving Technical and Vocational graduates (TVET) as teachers. “We are also proposing a number of amendments to increase tax management and dispute resolution activities. These and other provisions in the Finance Bill will help shape the legal and policy framework to achieve our medium-term budget goals,” said Yatani.

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