Members of Parliament from National Assembly Finance and Planning Committee are scheduled to commence their review to remove Value Added Tax (VAT) from the cost of fuel products. The committee is expected to stage a day_long public consultation forum with respective stakeholders on Tuesday 28th of September.
Through a notice published on local dailies, the committee seeks to know the cause of drastic increase in prices of fuel, to establish the amount of revenue collected from each of fuel taxes and also know the importance of fuel taxes and levies. It also seeks to establish the appropriateness of monthly reviews for fuel prices, alternative sources of exchequer revenues and the effect of increased cost of fuels in the economy and general welfare of Kenyans.
Through a committee chaired by Homa Bay MP Gladys Wanga, they will write a report to the House affirming or rejecting the proposal. 8% Value Added Tax (VAT) was introduced through an amendment on 2018 Finance Bill. VAT on super petrol is at 9.98 Kenyan Shillings, diesel at 8.56 Kenyan Shillings and kerosene at 8.21 Kenyan Shillings.
Cumulative taxes and levies totals to 58.81 Keinyan Shillings on petrol, 46.46 Kshon diesel and 41.14 Ksh on Kerosene. National Assembly Finance and National Planning Committee snubbed a similar proposal earlier this year during it's consideration of 2021 Finance Bill.
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