Underwriters oppose 2.5% tax on motor vehicles value

Описание к видео Underwriters oppose 2.5% tax on motor vehicles value

The government plan to impose a 2.5 percent tax on motor vehicles continues to face resistance, with the latest coming from those expected to implement the collection of the tax. Underwriters umbrella body the association of Kenya insurers says the proposal will undo all the gains made in the sector, especially under motor vehicle insurance. According to AKI Chief Executive Officer Tom Gichuhi, motor vehicle insurance accounts for 34 percent of the insurance business, however owing to tough economic times a significant number of motor vehicle owners are operating under third-party policies a situation that could be worsened by the proposals in the finance bill.

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