Government proposes stamp duty exemption for land worth Ksh1 million or less
Government proposes stamp duty exemption for land worth Ksh1 million or less
The National Treasury has proposed exempting land transactions valued at Ksh1 million or less from stamp duty.
Speaking during Mashujaa Day celebrations on Tuesday, October 20, President William Ruto said the government is also seeking to introduce progressive rates for higher value transactions.
“The National Treasury has developed proposals to exempt land transaction valued at Kenya shillings one million or less from stamp duty, and introduce progressive rates for higher value transactions,” he said.
Ruto said the changes were intended to lower the costs associated with property ownership, particularly for citizens at the bottom of the income pyramid.
“This will help reduce the cost of acquiring and transferring land, especially for citizens at the bottom of the pyramid, and strengthen every Kenyan’s ability to own property,” he added.
At the same time, Ruto announced a proposal to exempt Kenyans earning Ksh32,333 per month or less from paying Pay As You Earn (PAYE) income tax.
He said the government had prepared measures to ease the tax burden on low-income earners.
“We have prepared a proposal to exempt Kenyans earning Ksh32,333 per month or less to be exempted from paying pay-as-you-earn income tax,” he stated.
Ruto said the proposed exemption would help workers cope with the rising cost of meeting basic needs, including food, transport and education expenses.
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“For workers on modest incomes, every shilling saved means more money for food, transport, school expenses, and the needs of their families,” he further said.
Ruto also announced plans to pursue the removal of the 25 per cent import duty on mobile phones, a move that could reduce the cost of purchasing the devices if the proposal is implemented.
He said the government would undertake the necessary legal and regional customs processes to facilitate the removal of the duty, noting that mobile phones had become essential tools for education, business, banking and employment.
“We will pursue the necessary legal and regional customs processes, so that we remove the 25% import duty on mobile phones. As we all know, a mobile phone is no longer a luxury. It is a classroom, a marketplace, a bank, and an office.
“For many young Kenyans, a gateway to employment. Making phones more affordable will bring the opportunity of the digital economy within reach of more citizens,” he noted.
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