ICPAK (Institute of Certified Public Accountants of Kenya) presented its submissions regarding the Housing Levy Bill during the public participation phase.
They raised several concerns:
Firstly, the bill lacks clarity on how it will involve the informal sector in contributions.
Which makes it seem unfair to those who are employed.
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Additionally, there are no provisions for exemptions, such as individuals with existing mortgages or disabilities.
ICPAK suggested that a private partnership arrangement would be a better and more sustainable approach.
Relieving Kenyans of the burden.
Moreover, the eligibility criteria are not clearly defined, leaving room for misuse by anyone with an ID and means to pay the deposit.
Furthermore, the duration of the project and the timeline for contributions remain unspecified.
To encourage contributions from those who do not qualify for the housing benefits, ICPAK proposed the introduction of incentives.
Additionally, they recommend that beneficiaries of the housing scheme provide evidence of their levy contributions.
They also advocate for the establishment of a board to oversee the contributions, treating it as a fund.
Finally, ICPAK suggested that a 1% contribution rate would be more realistic and feasible for individuals.
These submissions aimed to address the concerns surrounding the Housing Levy Bill and ensure that it is fair, transparent, and beneficial to all stakeholders.
