@BdAfrica

Rotich admits housing fund tax error in budget - 9 months ago, 19 June 22:07

Charles Mwaniki

Kenyans in formal employment will not contribute one per cent of their pay to the housing development fund as indicated in the Finance Bill, but will instead pay 0.5 per cent, Treasury secretary Henry Rotich said on Tuesday.

The CS described the one per cent charge to the fund contained in the Finance Bill as a typographical mistake that will be corrected as it goes through Parliament.

“The right rate is the one in the Budget statement. The error will be dealt with in Parliament, where we will harmonise what is in the Bill and what is in the Budget speech,” the minister said, adding that the proposal that came from the Ministry of Housing was five per cent, which “the Treasury thought was too high.”

Mr Rotich had pegged the levy at 0.5 per cent of an individual’s pay in his Budget statement -- to be matched by a similar contribution from ...
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