Uhuru assents to Finance Act
24 October 2013, 17:09
Nairobi - President Uhuru Kenyatta on Thursday signed into law the Finance Act 2013, at State House Nairobi.
This means from now on all goods imported into the country for home use, shall be charged a Railway Development Levy with ammendment of the Customs and Excise Act.
The levy will be charged at a rate of 1.5 per cent of customs value of the goods and will be paid by the importer. This will provide funds for the construction of standard gauge railway network to facilitate transportation of goods.
“The levy shall be at the rate of 1.5 percent of the customs value of the goods and shall be paid by the importer of such goods at the time of entering the goods for home use,” says the Act
The relevant paperwork for the signing of the Act was presented to the President by National Assembly Speaker Justin Muturi.