Treasury hints at restructuring of affordable Housing Levy
NAIROBI, Kenya, June 5 - National Treasury Cabinet Secretary John Mbadi has revealed that the government is actively considering a restructuring of the Kenya breaking news | Kenya news today |..
✨ Key Highlights
The National Treasury is contemplating a restructuring of the Affordable Housing Levy due to increasing complaints from salaried employees regarding its financial burden.
- The levy requires employees to contribute 1.5 percent of their gross salary, matched by an equal amount from employers, totaling 3 percent.
- John Mbadi, the Cabinet Secretary for the Treasury, acknowledged the need to address employees' concerns during a session with senators.
- The Affordable Housing Levy was implemented in 2023 under the Kenya Kwanza administration as part of President William Ruto's initiative to provide affordable housing.
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Business Trends and Economic Developments
Private sector activity slowed in May as demand and new orders decreased. Kenya's flower exports are expected to increase in 2025 due to growing demand. BK Group reported a 5.4% rise in profit after tax. The government announced plans to support start-up innovation through reforms, while Treasury hinted at restructuring the affordable housing levy.
