Govt doubles ATM, banking charges to 20%

The costs of bank charges like ATM, account fees and over-the-counter withdrawals will increase after President Uhuru Kenyatta proposed to double the taxes to 20 per cent from the current 10 per cent.

President Kenyatta’s proposal to double the tax on bank transactions is contained in the memo he sent MPs explaining his rejection of the Finance Bill voted in by Parliament.

“Exercise duty on other fees charged by the financial institutions shall be 20 per cent of their excisable value,” he said in the memo.