Kenya Kwanza has handed pensioners a major relief after agreeing to raise the amount of taxable pension savings by 50 percent from Sh20,000. https://shorturl.at/rxrkB
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00:00To support our pension contributions, because one day we will all retire, we are now increasing
00:05the amount allowable for tax exemption for pension contributions from 20,000 shillings
00:10to 30,000 shillings.
00:12So this is a big win for our pensioners.
00:14So we are moving our pension schemes to exempt, exempt, exempt.
00:18It is exempt at contribution and exempt when you receive your pension, from 20,000 to 30,000.
00:25Yes, a month, per month.
00:27It's important to say this, per month.
00:29We have also been appraised of the money that is allocated for junior secondary school to
00:33hire all the intern teachers into permanent and pensionable terms.
00:40And the number there is actually 46,000 shillings, 46,000 junior secondary school teachers, in
00:45addition to recruit an additional 20,000.
00:48Your Excellency, we are very happy that the proposals that were brought to the National
00:55Assembly and the ones that we are proposing to the House are two amended documents.
01:02Because again I repeat, the exercise we did on public participation was not an exercise
01:07in futility.
01:09On motor vehicle tax, inasmuch as we agree that there is need to have money allocated
01:15to maintain our roads, and those people that are using our road more and costing TNW on
01:20our roads should contribute more to us fixing those roads.
01:23We have agreed that the motor vehicle tax cannot be amended through an Income Tax Act.
01:30And also pegging it on insurance would make, would cripple the insurance business and make
01:35it very difficult, especially for those Kenyans who take that part of insurance, and therefore
01:40that proposal has been dropped.