Bankers challenge new tax on Sh500 million bank transactions

KBA Chief Executive Habil Olaka

NAIROBI, KENYA: Bankers are up in arms against the government’s intention to impose new tax on bank transaction involving money transfers of Sh500,000 and above.

The Kenya Bankers Association (KBA) through lawyer Kenneth Fraser argued that the new requirements for 0.05 percent excise duty on money transactions contained in the Finance Bill 2018 is illegal and unconstitutional.