Govt Eliminates Teacher and Civil Servant Personal Tax Relief
It has been suggested by the government that, beginning with the fiscal year 2019, steps should be made that could eventually result in the elimination of personal support for salaried individuals. These steps would begin with the year 2019 and continue through the year 2021. This idea is incorporated into the prospective medium-term income strategy that the government of Kenya Kwanza intends to put into action for the fiscal years 2024-2025 and 2026-2027.
The current administration has made it clear that it intends to review the various tax breaks, with the possibility that those that are found to be ineffective will be eliminated. This objective is broken down into further specifics in the draft suggestions that were put together by the Treasury.
As part of the government’s efforts to cultivate a culture of saving, increase the number of people who have insurance policies, encourage home ownership, and reduce the tax burden on Kenyan citizens, taxpayers currently receive a variety of benefits, including personal, insurance, medical, housing, and disability-related benefits.
According to the Department of the Treasury, tax incentives have the potential to make the tax system more difficult and less effective as a tool for promoting justice in the economy. This is because of the way that tax incentives are structured. In addition, research indicates that the advantages of taxation may not have a substantial impact on the manner in which taxpayers save money or behave in connection to mortgages.
As part of the government’s efforts to cultivate a culture of saving, increase the number of people who have insurance policies, encourage home ownership, and reduce the tax burden on Kenyan citizens, taxpayers currently receive a variety of benefits, including personal, insurance, medical, housing, and disability-related benefits.
According to the Department of the Treasury, tax incentives have the potential to make the tax system more difficult and less effective as a tool for promoting justice in the economy. This is because of the way that tax incentives are structured. In addition, research indicates that the advantages of taxation may not have a substantial impact on the manner in which taxpayers save money or behave in connection to mortgages.
