I concede and I will not sign the Finance Bill 2024 – Kenya President Ruto

Kenya President William Ruto has declined to sign the Finance Bill, 2024, opting instead to return it to Parliament for further review.

State House sources told the Star that the Bill will be sent back to Parliament before they break for recess today. The Head of State has proposed a series of amendments to the Bill that MPs will need to consider.

Parliament now has the option to amend the Bill in line with the President’s reservations or to pass it a second time without any amendments.

In returning the Bill, the President has highlighted key areas that require changes. If MPs amend the Bill to fully accommodate the President’s reservations, the Speaker will resubmit it to the President for assent. If the House does not fully accommodate his reservations, they may still pass it with amendments, provided it is supported by two-thirds of the members.

With MPs set to go on recess from today until July 23, the Speaker may need to recall them should the President return the document to Parliament.

Some of the tax proposals originally included in the Bill, such as a 16 percent VAT on bread, excise duty on vegetable oil, VAT on sugar transportation, a 2.5 percent Motor Vehicle Tax, and an Eco Levy on locally manufactured products, have been dropped.

The Bill passed the committee of the whole house after these amendments were made. This format allows for a detailed examination of each clause, ensuring thorough consideration before the Bill progresses to subsequent stages of legislative review.

Source: Ghafla.co.ke