President Ruto says Finance Bill 2024 has been adjusted accordingly

President William Ruto has lauded the move by the National Assembly Committee on Finance to announce a raft of changes to the Finance Bill 2024.

According to the head of state, the withdrawal of some of the proposals hugely protested against by Kenyans demonstrates that the government he leads listens to its citizens.

Ruto who commented on the matter after chairing a Parliamentary Group meeting of lawmakers drawn from the ruling party, noted that the changes announced will ensure there is no extra burden exerted on the taxpayer.

“We have had a robust public engagement on the proposed Finance Bill. We have adjusted the document accordingly,” the President posted on his X account

President Ruto further applauded Kenyans for sharing their views and expressing their misgivings openly on some of the clauses contained in the Finance Bill 2024 which they considered of grave concern.

“We are glad we are having conversations about issues, and our institutions are working. This is how democracies function,” he said

“We are going to end up with a product in Parliament that came from the Executive and has been interrogated by the Legislature. Through public participation, the people of Kenya have had a say,” added the head of state

Among other changes to the Bill that were announced Tuesday, the 16 percent VAT on bread has been removed and the VAT on the transportation of sugar has also been removed. VAT on financial services and foreign exchange transactions has also been removed.

National Assembly Finance Committee Chairperson Kuria Kimani further indicated that there will be no increase in mobile money transfers. He said the contentious issue of 2.5 percent Motor Vehicle Tax that had been proposed has also been removed as well as the excise duty on vegetable oil.