The Sacco Societies Deposit Levy Order

Legal Notice 188 of 2011

This is the latest version of this Legal Notice.
Citation
Legal Notice 188 of 2011
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Sacco Societies Act
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English
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Legal Notice
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LAWS OF KENYA

SACCO SOCIETIES ACT

THE SACCO SOCIETIES DEPOSIT LEVY ORDER

LEGAL NOTICE 188 OF 2011

  • Published in Kenya Gazette Vol. CXIII—No. 125 on 23 December 2011
  • Commenced on 31 December 2011
  1. [Amended by Sacco Societies Deposit Levy (Amendment) Order, 2018 (Legal Notice 51 of 2018) on 18 February 2018]
  2. [Revised by 24th Annual Supplement (Legal Notice 221 of 2023) on 31 December 2022]

1. Citation

This Order may be cited as the Sacco Societies Deposit Levy Order and shall come into operation on the 31st December, 2011.

2. Payment of annual levy

(1)Subject to a maximum levy of ten million shillings per annum, a deposit-taking Sacco Society shall pay an annual levy (hereinafter called the deposit levy payable) at the rate set out in the schedule based on the total deposits held by the society as indicated in the last audited financial statements of the society.
(2)Upon issuance of a deposit-taking licence, the Authority shall assess the Sacco Society for purposes of this Order.
(3)The deposit levy payable shall become due and payable not later than thirty (30) days after assessment of the same by the Authority, and service of an assessment notice on the Sacco Society.[L.N. 51/2018, o. 2.]

3. Deposit levy payable by Sacco Societies on the year of first issuance of a deposit-taking licence

The deposit levy payable by Sacco Societies on the year of first issuance of a deposit-taking licence shall be the equivalent of the pro-rated amount of the deposit levy payable with effect from the next month after the issuance of the licence.

4. [Deleted by L.N. 51/2018, o. 3.]

5. Revocation of L.N. 208/2010

The Sacco Societies Deposit Levy Order, No. 208 of 2010 is revoked.

SCHEDULE [para 2(1)]

DEPOSIT LEVY PAYABLE

Rate of deposit levy payable in percentagePeriod of imposition of deposit levy payable in percentage
0.125%From January, 2018 to December,2018.
0.15%From January, 2019 to December,2021.
0.175%From January 2022,
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History of this document

31 December 2022 this version
18 February 2018
Read this version
31 December 2011
Commenced
23 December 2011
Read this version