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Newsunplug Kenya > Blog > News > Government goes for big earners as it seeks to boost revenue
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Government goes for big earners as it seeks to boost revenue

hallanaija
Last updated: June 15, 2023 5:11 pm
hallanaija
2 years ago
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Employees earning over 500,000 shillings are set to pay more tax if a proposal contained in the 2023/24 budget seeking to change the current PAYE structure is adopted.

While presenting the 2023/24 budget, National Treasury CS Prof. Njuguna Ndung’u, urged the National Assembly to introduce two additional tax bands to add to the existing three rates and bands.

The fourth band that will be applicable to employees earning incomes between 500,000 shillings and 800,000 shillings per month will attract a rate of 32.5 percent. The fifth band that will be applicable to employees earning incomes above 800,000 shillings per month will see those in the bracket taxed at 35 percent.

The latest move will affect 26,676 employees who constitute 0.8 percent of total employed workers.

The current PAYE tax structure has three rates and bands applicable to 3.3 million employees.

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Those with an income of up to 24,000 shillings per month pay a tax of 10 percent.

“Employees who fall under this category, who account for about 42.5 percent of the total employed workforce, who earn a maximum of 24,000 shillings per month do not pay any tax to government as tax computed from this income is equal to the relief of 2,400 per month under the Act.” Observed the treasury CS.

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The second category of employees who constitute about 37.2 percent of the total working population and earn incomes between 24,000 to 32,333 per month pay a tax rate of 25 percent while the third category, that forms 20.4 percent of the workforce, earns incomes above 32,333 shillings and pays a tax of 30 percent.

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