Latest news with #FinanceBill2024
The Hindu
a day ago
- Business
- The Hindu
Ask us on Investments
Q I am a retired bank officer aged 70. I have a health insurance policy with a coverage of ₹4 lakh under a special scheme of IBA (Indian Bankers Association). The maximum coverage for family is ₹4 lakh under the scheme. Top-up to a maximum of ₹5 lakh is available. I want to have a coverage of minimum ₹20 lakh for me and my wife. Kindly advise. M. Gopinathan A The policy, which you have currently, might be a group health insurance policy designed for retired bank staff. The policy might not be customisable or might be subject to negotiations between IBA and unions. Against this backdrop, it is advisable to take a separate individual health policy, in addition to your bank policy, with a basic coverage (Sum Insured) of ₹5 lakh. If you cannot afford this additional individual base policy, you can go with your bank policy itself. But, having a individual health policy has more benefits. For a coverage of up to ₹20 lakh, you can buy a super-top up health insurance policy, with a deductible of ₹5 lakh, if you purchase an individual base policy for this amount. If you prefer to use only the bank policy, then your deductible amount for the super top-up policy must be ₹4 lakh only. There are two top-up policies available in the market viz. top-up and super top-up. Both are completely different. For a complete understanding about the difference between the two policies, you can refer to the Moneywise article titled 'Top-up vs. super top-up' dated March 17, 2025. The premium cost for the super-top up health insurance policy is costly when compared with the top-up policy. Still, for your age, it is advisable to buy the super top-up policy to avail maximum benefits. Most health insurance companies offer both the policies, but you need to be careful to check whether you are really buying the super top-up policy. You can also buy an individual health insurance base policy with the Sum Insured of ₹20 lakh but that is highly expensive, and we would not suggest it. Q I am 73 years old. I want to sell my 4-cent land purchased in 2007. What will be my tax liability under the Income Tax Act. Sivanandan A In the Union Budget 2024-2025, presented on July 23, 2024, Union Finance Minister Nirmala Sitharaman said long-term capital gains on all financial- and non-financial assets will attract a tax rate of 12.5%. However, in her Budget speech, she did not explicitly mention that the reduced 12.5% (from the earlier 20%) tax rate on LTCGs is without the indexation benefit. Later, on August 7, 2024, the Finance Bill 2024 was passed in the Lok Sabha with an amendment that gave a relaxation to the new capital gains tax on real estate. The amendment was introduced after widespread criticism from various corners, including Opposition parties and tax professionals. As per the amendment, individuals or Hindu Undivided Families (HUFs) who purchased houses or other immovable property before July 23, 2024, have two options regarding the treatment of long-term capital gains and they can choose any one option that is suitable for them. First option is they can choose to pay straight 12.5% tax on the capital gains without claiming the indexation benefit. Or the second option is that they can choose to pay 20% tax on capital gains, after claiming the indexation benefit. Further, according to the Income Tax Act and as per the Union Budget 2024-25, if you have owned an immovable property (land) for more than two years (24 months), then it is considered a long-term asset. In your case, you have purchased the land in 2007 and therefore, if you earn capital gains by selling the land, it will be considered Long Term Capital Gain (LTCG). Since you have purchased before the July 23, 2024 window, you can choose any one of the tax rates – 12.5% on capital gains without indexation or 20% on capital gains with indexation benefit. The choice is yours. (The writer is an NISM & CRISIL-certified wealth manager)
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First Post
25-06-2025
- Politics
- First Post
A year after Gen Z protests, why are Kenyans back on the streets
Thousands of Kenyans staged protests on Wednesday (June 25) to mark the demonstrations against a tax bill last year that had turned deadly. As agitation spread in several parts of the country, reports of clashes between the police and protesters emerged, with at least two people being killed and eight others sustaining gunshot wounds read more Protesters chant slogans during demonstrations to mark the first anniversary of the deadly 2024 anti-government protests that drew widespread condemnation over the use of force by security agencies, in Nairobi, Kenya June 25, 2025. Reuters Kenya is once again witnessing large-scale protests. Thousands of demonstrators took to the streets on Wednesday (June 25) to mark the one-year anniversary of protests against a tax bill that had turned deadly. Reports have emerged that at least two people were killed and eight others were hospitalised with gunshot injuries after being allegedly shot by police during the rallies in Matuu, around 100 kilometres from the capital. Let's take a closer look. STORY CONTINUES BELOW THIS AD Why Kenyans took to the streets in 2024 Last year, Kenyan youth, referred to as Gen Z, organised protests for weeks to oppose the government's controversial Finance Bill 2024 that would have raised taxes. On June 25, 2024, protesters breached barriers to storm Parliament and set off a part of the building on fire as lawmakers fled. Police fired at protesters, leaving at least 60 people dead and 20 others missing. More from Explainers EU summons Russian envoy after diplomat assaulted in Vladivostok, seeks clarification The protests then turned into a call for justice and accountability for good governance in the East African country. Demonstrators called for the resignation of the Kenyan president, William Ruto. This led to Ruto scrapping the finance bill that proposed tax increases and reshuffling his cabinet to incorporate opposition figures. However, a recent survey revealed that most of the Kenyans are against this unity government. ALSO READ: From data to diapers: What pushed angry Kenyans to burn part of parliament Why Kenyans have returned to streets Thousands of people staged protests in Nairobi and other Kenyan cities earlier on Wednesday to commemorate the one-year anniversary of youth-led anti-tax demonstrations. Police barricaded all roads leading to the State House, President Ruto's official residence, and Parliament in the capital with razor wire. Waving Kenyan flags and holding placards of protesters killed last year, demonstrators chanted 'Ruto must go'. 'I've come here as a Kenyan youth to protest, it is our right for the sake of our fellow Kenyans who were killed last year. The police are here … they are supposed to protect us, but they kill us,' Eve, a 24-year-old woman, told the AFP news agency. 'It is extremely important that the young people mark June 25th because they lost people who look like them, who speak like them… who are fighting for good governance,' Angel Mbuthia, chair of the youth league for the opposition Jubilee Party, added. STORY CONTINUES BELOW THIS AD 'We are fighting for the rights of our fellow youths and Kenyans and the people who died since June 25… we want justice,' Lumumba Harmony, a protester, told Reuters in Nairobi. The latest protest comes as anger in Kenya grows over police brutality. Earlier this month, 31-year-old teacher and blogger, Albert Ojwang, died in police custody after being arrested for reportedly criticising a senior police official on social media. Six people, including three police officers, were charged with murder on Tuesday over his killing. All of them have pleaded not guilty. Last week, an officer shot a vendor, Boniface Kariuki, at close range during a series of protests triggered by Ojwang's killing. This further fuelled public anger against the authorities. Recent protests have been 'infiltrated' by men whom protesters say are hired 'goons' to disrupt peaceful demonstrations by beating and robbing people. Mikhail Nyamweya, a political analyst, told The Guardian that the trust in government among many Kenyans, especially younger people, remains low and they see the administration as 'unresponsive and detached from everyday struggles'. STORY CONTINUES BELOW THIS AD 'Despite promises of reform, the Kenyan youth view the state as incapable of delivering and always quick to suppress dissent through coercive means,' he said. 'Continued reports of human rights violations and inadequate accountability have reinforced the perception that little has changed.' Speaking to Associated Press (AP), a protester, Rose Murugi, said the police were part of the problem, adding, 'We will say it boldly, we will say it courageously, police brutality must end and Ruto must go.' Kenya Police clash with protesters Demonstrators clashed with the police as demonstrators hit the streets in Nairobi and other major cities, including Mombasa, Kisumu, Nakuru and Nyahururu. According to Kenya's biggest newspaper, the Daily Nation, protests erupted in at least 20 of the country's 47 counties. Police resorted to water cannons and tear gas to disperse protesters in the Kenyan capital. They also stopped vehicles heading towards the central business district, Reuters reported, citing local TV stations. Demonstrators face water cannons as they protest on the one-year anniversary of deadly anti-tax demonstrations in Nairobi, Kenya, June 25, 2025. AP As protests spread to other cities, the Communications Authority of Kenya banned live broadcasts and radio coverage of the demonstrations. The move drew criticism from Kenyan media, with the country's association of editors saying live coverage is not a threat but a 'civil duty to ensure accountability and transparency'. STORY CONTINUES BELOW THIS AD 'We urge all media to stand firm and respect the 2023 High Court ruling that barred such censorship,' the Kenya Editors' Guild said in a statement on X. As per an AP report, a protester was injured in the mouth after the police fired a round towards the crowd. Another was struck in the head by anti-riot police and taken by medics in an ambulance. The National Police Service Commission (NPSC), the state body that employs Kenyan police officers, has urged the cops to uphold the 'highest standards of professionalism and restraint'. It said it had noticed 'with concern and keen attention the unfolding situation' and called for 'empathy and cooperation' between citizens and the police, reported BBC. The hashtag #OccupyStateHouse is trending on X, a provocative call for protesters to march to the official residence of the president in Nairobi. The authorities have already warned against any such move. With inputs from agencies
BBC News
25-06-2025
- Politics
- BBC News
Kenyans protest police brutality as dem mark one year after dem storm parliament
Kenyans dey take to di streets again on Wednesday 25 June 2025, one year afta di GenZ protests wia dem storm di parliament for Kenya. Dis na to mark di first anniversary of di June 2024 protests wey lead to deadly crackdown by police dat time, and death of some pipo. Di protest today wey go hold for Kenya capital, dem brand am as a "memorial march," and na to honour dose wey dem kill during last year nationwide demonstrations against di controversial Finance Bill 2024. Last year, young Kenyans lead protest, against one unpopular finance bill wey dem wan use to introduce new taxes. Dem forcefully enta di parliament on 25 June 2024 and force di govment make dem drop di controversial proposals. Dat protest no end well. Also, today protest dey gingered by ongoing public anger ova police brutality, including di death of teacher and blogger Albert Ojwang for police custody. Also, di shooting of 22-year-old street vendor Boniface Kariuki during anti-govment demonstrations last week, dey also spark serious anger. Di situation for Nairobi remain tense. How we reach here For June 2024, bold and new generation of young Kenyan protesters bin enta streets to force di goment to stop some of dia unpopular tax proposals. Wetin happun be say Kenyan President William Ruto sign one new law wey require Kenyans to pay a 1.5% monthly tax to fund construction of low-cost houses, dem add VAT to bread including oda levies. Dis vex di young citizens for Kenya and dem start from TikTok to tok about di controversial finance bill. Dis na as hundreds of protesters wey feel say Kenyans dey already overtaxed wit little to show for am - face police wey fire tear gas - to march enta di capital, Nairobi. Di govment of President William Ruto quickly cancel di finance bill. Dat protest bring di city central business district to a standstill, but pipo die afta police shoot dem. BBC bin identify di members of Kenya security forces wey shoot anti-tax protesters for di kontri parliament last June. Di BBC analysis of more dan 5,000 images also show say dose wey dem kill for dia no get any weapon and dem no pose any threat. On 17 June 2025, Kenyan protesters clash wit young men wey carry weapon - club - wey dey loyal to di govment, for di centre of di capital, Nairobi. Di demonstration hapun afta di death of blogger and teacher Albert Ojwang for police custody 10, dem dey demand for di sacking of di top police officer. Police bin tok say Ojwang die of self-inflicted wounds, but dem retract di statement afta autopsy find say e likely die afta assault. Dem don arrest two policemen in connection wit di death. Meanwhile, tension dey ahead of di first anniversary of di parliament demonstrators. We dey update dis tori
Business Insider
25-06-2025
- Business
- Business Insider
Businesses in Kenya hold their breath as the country plans to recall a painful memory
Businesses in Nairobi have shut down, fearing vandalism. This decision is coming in the wake of plans to commemorate the Kenyan anti-bill protest of 2024, which recorded dozens of casualties. The 25th of June marks the first day of the protest's anniversary. Businesses in Nairobi have temporarily closed due to potential vandalism during the protest anniversary. The protest commemorates the anti-bill demonstrations of June 2024, which saw widespread youth participation. These demonstrations were against the Finance Bill 2024, which proposed higher taxes on essential goods and services. Currently, young Kenyans have taken to the streets to keep alive the memory of a protest that shook the country to its core. As a result, businesses in Nairobi, the country's capital, have opted to play it safe and close for the day, fearing any potential damage. This is despite the fact that the police seemed to have increased security in the business district of the commercial hub. Tuko reports that although the protest has been presented as a peaceful demonstration and a call to stop police violence by its organizers, business owners have shown concern and opted to shut down momentarily, till things cool off. Damages to businesses in Kenya during the anti-bill protest Kenyans went to the streets in 2024 to protest a contentious finance bill, resulting in one of the country's largest youth-led rallies in recent memory. This demonstration, while well-intended, led to the destruction of some local businesses. Simon, a business owner in Nairobi, was among the hardest hit, having seen years of hard work go up in smoke. Simon operated a bookshop in the central business area, and noted that he had lost books valued at over KSh1 million. After the smoke had cleared, the Nairobi Youth Business Community revealed that losses of up to KSh 3 billion were incurred due to looting and vandalism. This report was contrary to what the president of the country, William Ruto, had issued, when he disclosed during a round table session that the protest had cost businesses up to KSh 2.4 billion in damages. Kenya's protest of 2024 In June 2024, the Kenyan government introduced the Finance Bill 2024, which, among other things, proposed higher taxes on essentials, like bread, fuel, financial services, and even internet data, to help finance public debt. Young Kenyans, especially Gen Z, quickly took to social media platforms such as TikTok, X, WhatsApp, and Instagram using hashtags like #RejectFinanceBill2024, #OccupyParliament, and #RutoMustGo to organize nationwide demonstrations. Online mobilization escalated to street demonstrations, and mid-way into June, thousands of Kenyans took to the streets to air their greviances. A couple of days after the protests began security forces opened fire, killing at least one protester, and igniting what was later dubbed the 'Seven Days of Rage' Later on thousands stormed the Parliament building in Nairobi, ransacked it, set parts on fire, and stole the ceremonial mace. Police responded with live ammunition, killing between 19 to over 60 people, and injuring hundreds more. Over 130 protestors were arrested.
Express Tribune
19-06-2025
- Business
- Express Tribune
Ministry asked to get IMF nod for oil tax
Finance Minister Ishaq Dar said that the imposition of 17% general sales tax would increase the HOBC price by Rs45 per litre, therefore, he did not approve the proposal. photo: file Listen to article The Special Investment Facilitation Council (SIFC) has directed the Ministry of Finance to swiftly secure consent of the International Monetary Fund (IMF) for imposing sales tax on petroleum products as the matter has stalled investments of $6 billion in refinery upgrade projects. The government had earlier agreed to remove sales tax exemption on petroleum products to support struggling oil refineries and oil marketing companies. It committed to imposing 5% sales tax on petroleum, but did not include it in the Finance Bill 2025, sparking concerns in the oil industry. The Oil Companies Advisory Council (OCAC) – an industry lobby – had also raised the issue with the federal government for failing to meet the commitment and for continuing the tax exemption. The oil industry claims it has suffered Rs34 billion in losses during the ongoing financial year, which has prompted the government to allow loss recovery through the inland freight equalisation margin. "However, the main issue of GST removal from petroleum products remains in place," an industry official told The Express Tribune. Sources said that the issue landed in a recent meeting of the SIFC, which voiced concern over delay in resolving the matter. The finance ministry informed the SIFC that it had presented the proposal of levying GST on petroleum to the IMF and was awaiting its consent. The ministry expressed hope that the IMF's nod would be secured before the approval of budget by parliament. Industry officials pointed out that the government had additionally imposed carbon and petroleum levies on furnace oil, which would cause a halt to their furnace oil sales. Since the release of the Finance Bill 2024 in June last year, refineries have actively pursued the inclusion of high-speed diesel, motor spirit (petrol), kerosene oil and light diesel oil in the exemption regime under the Sales Tax Act, 1990 with the authorities concerned. Through consistent and collaborative efforts from June 2024 to May 2025, the government approved a mechanism for reimbursing the additional cost of sales tax inputs, resulting from the exemption status of petroleum products for fiscal year 2024-25. Regrettably, despite assurances and constructive engagement, the matter remains unresolved in the Finance Bill 2025. This undermines investor confidence, disrupts long-term planning and runs counter to objectives of Pakistan Oil Refining Policy for Upgradation of Existing/Brownfield Refineries, 2023 that seeks to attract investments of $6 billion. In case the dispute drags on, it will not only derail plant upgrade plans but will also pose financial and liquidity challenges to existing operations as refineries run under a regulatory pricing regime and are unable to recover this additional burden from product pricing. Separately, a summary is circulating on social media, suggesting that the Ministry of Energy (Petroleum Division) has proposed the imposition of petroleum levy on high sulphur fuel oil (HSFO) at Rs82,077 per metric ton. This is in addition to a carbon levy of Rs2,665/MT on HSFO, as proposed in the Finance Bill 2025. It is feared that the application of petroleum and carbon levies will result in an 80% increase in the end-user price of HSFO. This may lead to a further reduction in industrial activity and domestic demand. With lower local consumption, government revenues with respect to sales tax collection will go down markedly and refineries will be forced to export HSFO at a significant financial loss. In addition, the refineries that consume HSFO as fuel in their own operations will be burdened with a sharp rise in operating costs due to the inclusion of petroleum and carbon levies.
