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Oil prices.. how low can it go?
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kyt
#71 Posted : Wednesday, January 27, 2016 12:17:39 AM
Rank: Elder

Joined: 11/7/2007
Posts: 2,182
Iko huko tu
LOVE WHAT YOU DO, DO WHAT YOU LOVE.
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Ericsson
#72 Posted : Wednesday, January 27, 2016 5:43:44 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,811
Location: NAIROBI
@Sparkly
Before disputing comments placed here please do a background research.
Taxes on petroleum products are as follows;
Value Added Tax
Excise Duty
Petroleum Development Levy
Road Maintenance Levy

VAT is at standard 16%
Excise duty for kerosene is sh.7.205,Super Petrol sh.19.895 and Diesel sh.10.305
Road Maintenance levy is sh.12 for super petrol and diesel
1.5% Railway Development Levy
Petroleum Development Levy is 40 cents for kerosene,diesel and super petrol
Margins are ksh.6.595 for kerosene,Super petrol sh.10.875 and Diesel 10.465

LPG Gas is VAT zero-rated.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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sparkly
#73 Posted : Wednesday, January 27, 2016 9:11:21 AM
Rank: Elder

Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
Ericsson wrote:
@Sparkly
Before disputing comments placed here please do a background research.
Taxes on petroleum products are as follows;
Value Added Tax
Excise Duty
Petroleum Development Levy
Road Maintenance Levy

VAT is at standard 16%
Excise duty for kerosene is sh.7.205,Super Petrol sh.19.895 and Diesel sh.10.305
Road Maintenance levy is sh.12 for super petrol and diesel
1.5% Railway Development Levy
Petroleum Development Levy is 40 cents for kerosene,diesel and super petrol
Margins are ksh.6.595 for kerosene,Super petrol sh.10.875 and Diesel 10.465

LPG Gas is VAT zero-rated.


My source is VAT Act 2013, commencement September 2013. What is your source?
Quote:
SECTION B – EXEMPT GOODS ON TRANSITION
The following goods shall be exempt supplies for a period of three years from the commencement of this Act unless the exempt status of the supplies is earlier revoked.-
2709.00.00 Petroleum oils and oils obtained from bituminous minerals, crude.
2710.12.10 Motor spirit (gasoline) regular
2710.12.20 Motor spirit (gasoline), premium.
2710.12.30 Aviation spirit
2710.12.40 Spirit type jet fuel.
2710.12.50 Special boiling point spirit and white spirit.
...
Life is short. Live passionately.
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Swenani
#74 Posted : Wednesday, January 27, 2016 9:56:43 AM
Rank: User

Joined: 8/15/2013
Posts: 13,237
Location: Vacuum
Ericsson wrote:
@Sparkly
Before disputing comments placed here please do a background research.
Taxes on petroleum products are as follows;
Value Added Tax
Excise Duty
Petroleum Development Levy
Road Maintenance Levy

VAT is at standard 16%
Excise duty for kerosene is sh.7.205,Super Petrol sh.19.895 and Diesel sh.10.305
Road Maintenance levy is sh.12 for super petrol and diesel
1.5% Railway Development Levy
Petroleum Development Levy is 40 cents for kerosene,diesel and super petrol
Margins are ksh.6.595 for kerosene,Super petrol sh.10.875 and Diesel 10.465

LPG Gas is VAT zero-rated.


There was no VAT, you should also stop arguing for the sake of an argument/debate
If Obiero did it, Who Am I?
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maina20
#75 Posted : Wednesday, January 27, 2016 10:51:24 AM
Rank: Member

Joined: 7/21/2010
Posts: 249
Location: nairobi
Ericsson wrote:
Oil prices globally hit rock bottom last week and now are on an upward trend.
It gained 10% last week Thursday and Friday.

...i do agree.. http://www.bbc.co.uk/new...minute&co_dimension^width=629&co_dimension^height=190
but trend is not supported by any fundamentals hence not sustainable... my views thou....
..desire to succeed is always fighting with fear of failure..
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Ericsson
#76 Posted : Wednesday, January 27, 2016 11:17:34 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,811
Location: NAIROBI
@sparkly and Swenani
Read between the lines before you commenting
Petroleum products have always been VAT.Show me the law/act that abolished VAT on the products.
From as far as 2005 there was VAT on gasoline premium and regular
@Sparkly read that ACT keenly the statement that says "unless the exempt status of the supplies is earlier revoked".-

Read this statement on the article posted below
National Treasury Cabinet Secretary Henry Rotich said the three-year tax holiday currently enjoyed by oil products expires on September 2, 2016 under the new VAT Act (2013). Among these products are motor spirits, aviation spirit, jet fuel, kerosene, and gas oil.

http://www.businessdaily...42/-/5cnnvn/-/index.html
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Ericsson
#77 Posted : Wednesday, January 27, 2016 11:19:15 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,811
Location: NAIROBI
definition of gas oil
"Gas Oil (also known as Red Diesel, 35 Second Burning Oil and Tractor Diesel) is a liquid fuel product used for off highway machinery. The fuel contains a red dye to identify it as it carries a lower duty than regular White Diesel."
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Ericsson
#78 Posted : Wednesday, January 27, 2016 11:24:25 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,811
Location: NAIROBI
To sum it up let's wait for september to see the changes.
I debated here that super petrol wasn't going to be affected by the new excise duty but that was rubbished.
Come November/December no change in super.
Before posting something here research is done;we are not in the business of arguing for the sake of arguing but enlightening people.
The kenyan law you don't just read kijuu juu get the full meaning of the details.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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muandiwambeu
#79 Posted : Tuesday, February 02, 2016 2:51:57 PM
Rank: Veteran

Joined: 8/28/2015
Posts: 1,247
Ericsson wrote:
To sum it up let's wait for september to see the changes.
I debated here that super petrol wasn't going to be affected by the new excise duty but that was rubbished.
Come November/December no change in super.
Before posting something here research is done;we are not in the business of arguing for the sake of arguing but enlightening people.
The kenyan law you don't just read kijuu juu get the full meaning of the details.

now @ericsson, its not just arguing for the sake of it, Gok is playing its cards smart. where do you think money for construction of the pipeline to trukana will come from. there exist road maintenance levy fund(RMLF), if you drive a hybrid vehicle you are already committing an offence. so there will also be Trukana crude oil pipeline construction fund (TCOPCF) and then the pay check of the crude oil will vanish into a biddless blackhole. and there will be even fund for construction of the refinery since the COW refused to milk. sit tight and wait, the experience will be monumental and excruciating. hakuna petroli kwa pump will be ordinarily, the folks talk by then.
,Behold, a sower went forth to sow;....
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enyands
#80 Posted : Tuesday, February 02, 2016 3:38:35 PM
Rank: Elder

Joined: 12/25/2014
Posts: 2,301
Location: kenya
muandiwambeu wrote:
Ericsson wrote:
To sum it up let's wait for september to see the changes.
I debated here that super petrol wasn't going to be affected by the new excise duty but that was rubbished.
Come November/December no change in super.
Before posting something here research is done;we are not in the business of arguing for the sake of arguing but enlightening people.
The kenyan law you don't just read kijuu juu get the full meaning of the details.

now @ericsson, its not just arguing for the sake of it, Gok is playing its cards smart. where do you think money for construction of the pipeline to trukana will come from. there exist road maintenance levy fund(RMLF), if you drive a hybrid vehicle you are already committing an offence. so there will also be Trukana crude oil pipeline construction fund (TCOPCF) and then the pay check of the crude oil will vanish into a biddless blackhole. and there will be even fund for construction of the refinery since the COW refused to milk. sit tight and wait, the experience will be monumental and excruciating. hakuna petroli kwa pump will be ordinarily, the folks talk by then.


Wish it happens before 2017 just before elections
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