News : 10% excise tax to be levied on banking services
If you have a bank account, are part of a Sacco, have taken Insurance with a relevant institution, use postal services or, in general, transact with or through a financial institution, then brace yourself to pay higher charges. This is due to the enactment of the Finance Act 2012 and amendments in the Finance Bill 2013, which hold that there shall be a 10% Excise Duty on service fees charged by financial institutions.
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