Media owners warn of Sh2 billion loss if Finance Bill passes
NMG Head of External Affairs Clifford Machoka (left), Media Owners Association Chairperson Agnes Kalekye and Andersen Managing Partner Philip Muema when they appeared before the Finance and National Planning committee in Nairobi on Monday May 29.
In the proposed Finance Bill 2023, the State plans to charge excise duty on adverts of some goods and services.
Media Owners Association (MOA) said advertising revenues play a critical role in sustaining the media ecosystem, enabling the industry to provide diverse and high quality content.
Media owners have warned that the industry will lose more than Sh2 billion in revenue if Parliament approves the imposition of a 15 per cent excise duty on alcohol, betting, gaming, lotteries and prize competition advertisements.
The Media Owners Association (MOA) told the National Assembly’s Finance and Planning committee that the proposed excise duty would generally mean an increase in advertising costs by 15 per cent for the affected companies.
