ADVOKS GLOBAL · KENYA
Sacco Societies Act
15. The Sacco societies levy
Edition: 2025-06-20 · In force
15. The Sacco societies levy
(1)The Authority may by order published in the Gazette, impose a levy to be known as the Sacco societies levy on the deposits held in deposit-taking Sacco societies, or on such other base as the Authority may determine in the case of Sacco societies carrying out non-deposit taking business specified under section 3(2).(2)A levy imposed under this section shall be payable at such rate as may be specified in the order.(3)An order under this section may contain provisions as to the time at which the amount payable by way of the levy shall become due.(4)All moneys received in respect of the levy shall be paid into the General Fund.(5)If a person fails to pay any amount payable by him by way of the levy on or before the date prescribed by the order under subsection (1), a sum equal to five per centum of the amount shall be added to the amount due for each month or part thereof during which the amount due remains unpaid.(6)If any moneys required to be paid within the time prescribed under subsection (3) is not paid on or before the date prescribed by the order, the amount due and any sum payable under subsection (5) shall be a civil debt recoverable summarily by the Authority.