Kenya: Bank Charges Likely to Rise Due to Excise Duty

21 February 2013

BANK charges are likely to go up as financial institutions pass on a newly introduced 10 per cent excise duty on bank levies.

This follows the Kenya Revenue Authority 's clarification that the 10 per cent excise duty on mobile money transfer services offered by phone companies and other financial service providers also applies to other fees charged by financial institutions. The new duties came into effect on January 9, this year.

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