Kenyans looking to purchase houses can now have a smile on their faces after President Kenyatta approved law granting them a tax relief.
On Wednesday, the President signed into law a Bill giving Kenyans buying houses under the Affordable Housing Program a 15 percent tax relief on stamp duty.
The new law is an amendment to the Income Tax Act and creates a new section that establishes an Affordable Housing Relief, which is fixed at 15 percent of the gross emoluments.
“Today, I approved the Tax Laws (Amendment) Bill, which creates a 15 percent tax relief and exemption from Stamp Duty for Kenyans buying houses under the #AffordableHousing Scheme,” President Kenyatta said in a tweet.
Affordable housing is one of the pillars under President Uhuru’s Big Four Agenda, under which his administration looks to construct 500,000 housing units by 2022.
President Kenyatta also assented into law an amendment to the Stamp Duty Act, which seeks to exempt first-time house buyers under the affordable housing scheme from Stamp Duty.
The signing of the Bill by the President at State House was witnessed by Speaker of the National Assembly Justin Muturi, Majority Leader Aden Duale, Attorney-General Paul Kihara and Solicitor-General Ken Ogeto.
