Deadline for public memoranda on Finance Bill set for May 28 » Capital News
NAIROBI, Kenya, May 15 – Kenyans can now give their input on the Finance Bill 2024 after the National Assembly opened the fora for the public to share their views concerning the bill which contains proposals relating to revenue-raising measures, including a raft of taxes.
The public participation deadline for the bill sponsored by Molo MP Kimani Kuria has been set on May 28th and it seeks to introduce new levies including VAT on bread and increase excise taxes on spirits, cigarettes, M-Pesa, airtime and bank transfers among others.
The notification guides that the Memoranda on the Bill should indicate the name of the person or organization submitting it and their contact details and should be hand-delivered to the Office of the Clerk.
The Bill also amends other pieces of legislation relating to fees, levies and management of public funds.
The Departmental Committee on Finance and National Planning has invited the members of the public to submit their written views on the bill which intends to raise an additional Sh323 billion in taxes in the financial year that starts in July.
“In compliance with Article 118(1) (b) of the Constitution and Standing Order 127(3), the Clerk of the National Assembly hereby invites the public and stakeholders to submit memoranda on the Bills to the Departmental Committee on Finance and National Planning”, reads the notification.
MP Kuria refuted assertions that public participation on the finance bill will be a charade as the Executive will bulldoze its way to have the amended tax law passed into law despite vehement opposition by the public.
“I would like to inform the public and assure them that the exercise on public participation will not be an exercise in futility. We will have changes that are going to happen but when we look at the changes we will have to look at the numbers,” he said.
The Finance Committee Chair expressed the conversation surrounding reduction of taxes should be in tandem with the slashing of the budget cognizant of the ripple effect of financing strategies in every financial year.
“While we are having a robust conservation about the taxes.Let your voices be heard about where the budget is going too.We must balance the budget because you cant pass the budget without financing it,” Kuria stated.
The 2024 Finance Bill is also introducing a new motor vehicle circulation tax that will see motorists part with Sh100,000 annually to keep their vehicles on the road.
At the same time,the bill seeks to remove VAT exemptions on financial services which include the issuing of credit and debit cards, money transfer services, foreign exchange transactions, cheque processes, issuance of securities, and assignment of debt.
Key among the legislations the proposed law seeks to amend include : 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).
The Bill also seeks to amend other pieces of legislation relating to fees, levies and management of public funds.
These are the Affordable Housing Act (No.4 of 2024), the Industrial Training Act (Cap. 237), the Data Protection Act (Cap 411C), the Public Finance Management Act (Cap.412), and the Kenya Revenue Authority Act (Cap.469).
About The Author
