Kuria-led Committee kicks off public engagements on Finance Bill 2024

The Departmental Committee on Finance and National Planning will today begin public engagements on Finance Bill 2024.

The committee which is chaired by Molo MP Kuria Kimani will hold consultations with key stakeholders from various economic and financial sectors.

Among those scheduled to appear before the Committee include the Kenya Association of Manufacturers (KAM), Institute of Economic Affairs and Institute of Public Finance

Others stakeholders are the Institute of Certified Public Accountants of Kenya (ICPAK) as well as Deloitte & Touche.

The Kenya Association of Manufacturers (KAM) which represents the interests of the manufacturing sector has already raised concerns on some of the proposals in the bill.

According to KAM the proposal to impose the Export Investment Promotion Levy (EIPL), under the Miscellaneous Fees and Levies Act, will be unfavourable to local industries.

Other proposals affecting manufacturers include introduction of eco-levy on selected goods manufactured in Kenya and the proposal to increase the Import Declaration Fund (IDF) from 2.5% to 3.0%.