Following the 2022 Kenyan elections that brought President Williams Ruto into power, citizens believed the country’s economic outlook would improve significantly. Kenyans expect the new government to make progressive policies for the nation’s prosperity. However, 2023 brought a surge in living costs and new policies that left Kenyans grappling with several economic uncertainties.
The revision of individual income tax brackets and rates, effective from July 1, 2023, introduced higher tax rates across different income segments. For instance, individuals earning over KES 288,000 faced increased tax rates, including 25 percent on the next KES 100,000 and 30 percent on the next KES 5,612,000. Those earning above KES 9,600,000 experienced the highest rate of 35 percent. These changes exert financial pressures on individuals and businesses grappling with economic challenges.
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Photo by Ardeauber via Iwaria.