In a hurry? Here’s a quick summary…
- Draft Affordable Housing Regulations 2024 propose exemptions from housing levy for certain groups of Kenyans, diverging from initial universal income deduction plan.
- Exempted groups include Kenyans abroad, those with specific income types like pensions and reimbursements, with Parliament empowered to introduce further exemptions.
The Draft Affordable Housing Regulations 2024 propose exemptions for certain groups of Kenyans from paying the housing levy, deviating from the initial plan of a universal 1.5 percent income deduction for the Affordable Housing Programme.
Under the new proposals, Kenyans residing abroad and those with specific types of income, such as pensions, gratuities, and reimbursements for medical, travel, and accommodation expenses related to work, will be exempted.
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Exemptions will also apply to individuals receiving insurance compensation, clarifying that such compensation will not be considered eligible for housing levy deductions.
The Draft stipulates that exemptions may extend to individuals exempted from taxes under international agreements or host country agreements involving Kenya.
Moreover, Parliament is granted the authority to enact legislation to exempt additional individuals from the levy as necessary.
The Affordable Housing Levy deductions began in March following the assent of the Affordable Housing Bill into law by President William Ruto.
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The initiative aims to construct 250,000 housing units annually, addressing the country’s housing crisis while also generating employment opportunities for Kenyans.
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