Uhuru Kenyatta assents to Bill that scraps bank intrest rates and tax bracket

President Uhuru Kenyatta. [Photo/Daily Nation]

Uhuru Kenyatta assents to Bill that scraps bank interest rates and tax bracket

President Uhuru Kenyatta has on Thursday signed into law the Finance Bill 2019.

This means that from now going forward banks are free to pick whatever interest rate they would like for loans since the Bill repeals section 33b of the banking Act that caps bank interest rates.

Also on the chop are digital entrepreneurs, since the new law also introduces a tax on income raised from digital platforms.

The Bill is set to cut off the services of alleged exploitative shylocks and other unregulated lenders

However the Finance Act 2019 will exempt the National Housing Development Fund from income tax.
Uhuru signed the Bill into law in the presence of Speaker of the National Assembly Justin Muturi, Head of Public Service Joseph Kinyua, National Treasury CS Ukur Yatani and Attorney General Paul Kihara.

Also present were Majority Leader in the National Assembly Aden Duale, National Treasury CAS Nelson Gaichuhie, Treasury PS Dr Julius Muia, Central Bank Governor Patrick Njoroge and Clerk of the National Assembly Michael Sialai among other senior government officials.

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