The Sacco Societies (Specified Non-Deposit Taking) (Levy) Order, 2023

Legal Notice 178 of 2023

Citation
Legal Notice 178 of 2023
Primary work
Sacco Societies Act
Date
22 December 2023
Language
English
Type
Legal Notice
Publication
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LAWS OF KENYA

SACCO SOCIETIES ACT

THE SACCO SOCIETIES (SPECIFIED NON-DEPOSIT TAKING) (LEVY) ORDER, 2023

LEGAL NOTICE 178 OF 2023

  • Published in Kenya Gazette Vol. CXXV—No. 268 on 22 December 2023
  • Commenced on 2 November 2023

1. Citation

This Order may be cited as the Sacco Societies (Specified Non-Deposit Taking) (Levy) Order, 2023.

2. Levy Payable

(1)A Sacco society undertaking a specified non-deposit taking business shall, subject to paragraph 3, pay to the Authority an annual levy to be known as the Annual Sacco Societies Levy at the rate prescribed in the Schedule.
(2)The levy paid under subparagraph (1) shall be based on the total non-withdrawable deposits held by the Sacco society as indicated by the audited financial statements of the Sacco society for the immediately preceding financial year.
(3)Notwithstanding any other provision of this Order, the maximum levy payable under this Order shall not exceed six million shillings.

3. Assessment of levy amount

The Authority shall, upon issuing a Sacco society with an authorisation certificate under regulation 5 of the Sacco Societies (Non - Deposit Taking Business) Regulations, 2020, assess the levy payable by that Sacco society under this Order.

4. Time of payment of levy

The levy payable by a Sacco society shall be due and payable to the Authority—
(a)not more than thirty days after the assessment under paragraph 3; and
(b)after the Authority has served the Sacco society with a written notice of the payment of the levy.

5. Pro-rated levy

The levy payable by a Sacco society under this Order in the year on which the Sacco society has been issued with an authorisation certificate under regulation 5 of the Sacco Societies (Non-Deposit Taking Business) Regulations, 2020, shall be the equivalent to the pro-rated amount of the levy payable with effect from the month following the month of the issuance of the authorisation certificate.

SCHEDULE [para. 2(1)]

Annual Sacco Societies Levy

S/No.Rate of Annual Sacco Societies LevyPeriod of imposition of the levy payable
1.0.10%From the 1st January, 2024, to the 31st December, 2024
2.0.13%From the 1st January, 2025, to the 31st December, 2025
3.0.14%From 1st January, 2026, to 31st December, 2026
4.0.15%From 1st January, 2027, until reviewed
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History of this document

22 December 2023 this version
02 November 2023
Commenced