The amended law, which mainly targets low-income earners, includes a 100 per cent Pay As You Earn (PAYE) tax relief for employees earning less than Sh28,000 per month and further lowers turnover tax rate from 3 per cent to 1 per cent.

Those earning above the new threshold will benefit from a PAYE tax reduction of 5 per cent.

Similarly, the new Act has revised Corporation Tax to 25 per cent while Non-Resident Tax on Dividends has been adjusted from 10 to 15 per cent.

Central Bank of Kenya (CBK) governor Patrick Njoroge in a gazette notice dated April 9, 2020 said Kendy Money Transfer Ltd’s licence was revoked on February 14, 2020.

It was not immediately clear why the CBK withdrew the licence.

The firm enables customers to send money and make payments in Africa and abroad.

An analysis of government revenue data published by Treasury Secretary Ukur Yatani on Friday shows that total tax receipts in the January to March 2020 period amounted to nearly Sh340.67 billion, largely unchanged from Sh339.27 billion in the same period a year ago.

This is equivalent to Sh1.4 billion, or 0.41 percent, growth over the same period in 2019.

Companies reported a sharp slump in orders during the three-month period, with overall business deals in private sector hitting lowest levels in more than two years, according to a closely watched monthly survey.