MEMO

 Date: Monday, 12th July 2021

Subject: KENYA FINANCE ACT, 2021

The Finance Act, 2021 has amended the definition of other fees by deleting fees or commissions earned in respect of a loan.

We understand that the intended objective of the deletion is to bring fees or commissions earned in respect of a loan under the ambit of excise duty, however, we consider this a gray area for the reasons set out below.

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