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Finance Committee Makes Announcement On Product Prices

The finance committee has shot down proposals by the national treasury to tax maize wheat and cassava flour.

The committee has also recommended that the tax on liquid petroleum gas be reduced by half.

Prices of beauty products and nicotine will increase as the committee's recommendation is carried through parliament after taking in the views of the public on the finance bill of 2022.

The finance committee is ready to submit its recommendations to the whole house.

These recommendations if approved will seek Kenyans to heave a sigh of relief as some of the treasury's proposals would have seen a spike in the prices of basic commodities.

scrapped treasury had proposed that products like maize wheat and cassava flour be subjected to 16 percent VAT a move that would have placed these commodities beyond the reach of a struggling population.

The finance committee now recommends that the supply of these commodities remain zero-rated if the committee gets its way in parliament then the prices of beer wines and spirits will also remain the same.

Treasury had proposed that taxes on beer and spirits be increased by 10% and 20% respectively.

The price of cooking gas is set to go down by half from 16 to 8 percent a move that will lessen the burden on the common Citizen.

The media and advertising sectors are also set to gain from the committee's recommendations that exercise duty on fees for advertisements on baiting and gaming competitions from 15% to 5% respectively.

The committee wants the exercise duty on betting's tax retained at the current 7.5 percent instead of what the treasury wanted at 20.

Locally manufactured chocolate and ice cream are exempted to rise from 15 percent and be charged on locally produced ice cream.

The beauty industry however will fill the pinch as the committee retained the treasury's proposal by 15%.

Source https://youtu.be/XmNF5VAI8ss

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