Govt looking for alternative revenue sources after Finance Bill rejection » Capital News

NAIROBI, Kenya, Aug 30 – President William Ruto says Treasury is seeking alternative revenue sources after the rejection of the Finance Bill 2024.

Speaking at a Town Hall meeting in Kisumu, the head of state asserted that the current situation is untenable.

“When we lost the finance bill, we lost close to Sh340 billion of the money we could have raised. We are however having discussions with our partners and I am confident that we can have things turned around,” he said.

President Ruto averred that he has already received proposals from Treasury on how to finance his administration.

The head of state disclosed that this will include engaging parliament.

President Ruto had in June 25 withdrew the Finance Bill 2024 following the protests in a historic step, the first of its kind since independence.

On Tuesday, Treasury Cabinet Secretary John Mbadi announced plans to reintroduce key provisions from the suspended Finance Bill 2024 through a newly proposed Tax Procedures (Amendment) Bill, 2024. 

The bill, published in the latest Kenya Gazette Supplement No. 165, is set to be introduced to the National Assembly with the aim of reinstating some of the contentious measures that were previously put on hold.

The proposed bill includes several critical amendments to the Tax Procedures Act, aimed at improving tax collection and administration.

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