In Kenya, the prices of petroleum products have been increasing at a devastating rates forcing many Kenyan's to dig deep into their pockets in thirst to get the valuable resources.
Debates about the fuel prices have however continued and to caution Kenyan's from these high prices, the National Assembly Finance and Planning Committee is recommending the followings amendments on taxes and levies charged on fuel.
1. The reduction of Petroleum Development Levy charged on Super Petro and Diesel from Ksh 5.40 to Ksh. 2.90.
2. Reduction of the Value Added Tax (VAT) from 8% to 4% .
3. The reduction of the VAT rate on LPG from 16% to 8%.
4. The reduction of the gross margins of oil makerting companies by ksh.3 from Ksh 12 per litre.
5. Waiving of inflation adjustment on fuel for FY2021/22.
Also, the National Assembly ammends the Petroleum Development Levy Act 1991 to;
1. Establish a Formula for distribution of money from the Fund to oil makerting companies.
2. The Fund be managed by a Board similar to the Roads Maintenance Levy and
3. Specify that the Fund shall be used for stabilization of fuel prices and for matter's relating to the development of common facilities for distribution or testing oil products.
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