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More Pain for Kenyans as Prices of Mobile Phones prices are Set to Go Up from Friday.

Amid the rapid rise in the cost of living due to rise in the prices of basic commodities, Kenyans are yet again set pay more for purchase of other commodities. For instance, prices of mobile phones could rise significantly as a result of new tax set to be imposed by the government from Friday this week. According to Finance Act 2022, Kenyans will be charged additional 10% excise duty on every phone imported in to the country. The new law will take effect this week Friday 1st of July 2022 as per the provisions of the Finance act 2022. In addition to the 10% excise duty, there will also be a 50 shillings fee on every ported ready-to-use mobile some cards. The latter bill was passed in parliament after being proposed by Kikuyu Constituency Member of Parliament Kimani Ichungwa.

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Finance Act 2022 reads "Excise duty on importation of cellular phones shall be at 10 percent of the excisable value" The calculation of this new excise duty on cell phones will be dependent on the cost of the phone. The charge will be exclusive of any other taxes and charges incurred during importation of cell phone. To recover this new excise duty and to ensure profitability, phone dealers will have to raise the prices of their phones to ensure they don't run a non-profit business.

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What are your thoughts on this new excise duty on phones? Share your thoughts in the comment section.

SOURCE: https://nation.africa/kenya/business/phones-to-cost-more-on-fresh-tax-3864582

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Finance Act Kenyans Kikuyu

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