By PSCU
The public engagement exercise on the Finance Bill, 2024 is not meant to tick the box, the chairperson of the Departmental Committee on Finance and National Planning Kuria Kimani has assured.
Speaking ahead of the exercise set to commence today, Kimani noted that the committee is open to receiving input from the general public, and stakeholders representing the various sectors of the economy, adding that the members would consider all the submitted submissions when preparing the committee’s report for consideration by the House.
He explained that the proposed tax provisions contained in the Bill emanate from the National Treasury, adding that the committee would consult widely and analyse the impact of the Finance Act, 2023, before making its recommendations to the House on the proposed legislation.
“The provisions in the Finance Bill are proposals from the National Treasury. As we commence public engagements on the Bill tomorrow (today), 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 assured.
He revealed that as of Friday last week, the committee had received over 200 memoranda online, but was expecting more before close of the window for submission of memoranda, today at 5pm.
Additionally, he noted that a total of 88 stakeholders from various sectors of the economy are scheduled to make oral presentations throughout the week.
Yesterday as the committee geared up for the exercise, nembers were taken through a brief on the analysis of the Finance Bill, 2024 by officers from the Parliamentary Budget Office led by the Director, Dr. Martin Masinde.
Earlier, the committee reviewed an analysis of the Supplementary Budget II for 2023/2024 Financial Year, as well as the Budget Estimates for the 2024/25 Financial Year from the same team.
The Bill formulates proposals relating to revenue raising measures including liability to, and collection of taxes.
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.
In a bid to discourage use of plastics and promote proper waste management, the Bill has proposed to introduce a new levy known as the Eco Levy, under Schedule Four of the Bill.
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