The Chairperson of the Departmental Committee on Finance and National Planning, Hon. Kuria Kimani, has emphasized that the public engagement exercise on the Finance Bill, 2024, is a genuine effort to gather input, not merely a formality.
Speaking ahead of the exercise set to begin tomorrow, Hon. Kimani stressed that the Committee is eager to receive feedback from the public and stakeholders across various economic sectors. He assured that all submissions will be carefully considered in the Committee’s report to the House.
“The provisions in the Finance Bill are proposals from the National Treasury. As we commence public engagements on the Bill tomorrow, I want to assure Kenyans that this exercise is not about ticking boxes. We are open to receive input that will help us end up with a progressive law which does not hurt the economy,” he stated.
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Hon. Kimani highlighted that as of last Friday, the Committee had received over 200 memoranda online and expected more submissions before the deadline tomorrow at 5 p.m. Additionally, 88 stakeholders from various sectors are scheduled to make oral presentations throughout the week.
Today, Committee members received a briefing on the analysis of the Finance Bill, 2024, from the Parliamentary Budget Office, led by Director Dr. Martin Masinde. Earlier, the Committee reviewed analyses of the Supplementary Budget II for the 2023/2024 Financial Year and the Budget Estimates for the 2024/25 Financial Year from the same team.
The Finance Bill, 2024, outlines proposals for revenue-raising measures, including tax liabilities and collections. Key legislation the Bill seeks to amend includes the Income Tax Act (Cap.470), the Value Added Tax Act (Cap.476), the Excise Duty Act (Cap. 472), the Tax Procedures Act (Cap. 469B), and the Miscellaneous Fees and Levies Act (Cap.469C). Additionally, it aims to amend other laws related to fees, levies, and public fund management.
In an effort to discourage plastic use and promote proper waste management, the Bill proposes introducing a new levy called the Eco Levy under Schedule Four.
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