Friday, March 22, 2024 - President William Ruto will receive a whopping Ksh10 billion monthly from the Housing Levy after he assented to the Affordable Housing Bill.
This was revealed by
Housing Principal Secretary Charles Hinga.
During an
interview, Hinga remarked that this was Ksh4 billion more than the previous
deductions declared unlawful by the courts in January.
“Before the court
stopped it, we had peaked at Ksh5 billion a month. Then there was a government
contribution of about Ksh1 billion making it between Ksh6 billion to Ksh6.5
billion a month,” Hinga explained.
“Going forward, we are
estimating we will be collecting anywhere between Ksh9 billion and Ksh10
billion a month.”
Hinga explained that
the Ksh4 billion increase was due to the inclusion of non-salaried Kenyans
in payment of the levy.
While salaried Kenyans
will have 1.5 per cent of their salary go towards the Housing Levy, Kenyans who
earn through partnership and consultancy fees will have a 1.5 per cent
deduction imposed on their gross income.
Kenyans working in the
informal sector will on the other hand have the Housing Levy deducted from the
already existing Turnover Tax (TOT).
The PS explained that
for all categories of Kenyans, the deductions were starting with immediate
effect and must be captured in the March 2024, earnings.
For employers,
submission of their deductions must be availed to the Kenya Revenue Authority
by April 9.
The Kenyan DAILY POST
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