Serrari Group

The majority of amendments to the Finance Bill, 2024 have been successfully adopted by the House, following a session led by Deputy Speaker Gladys Shollei. These amendments, introduced by Kuria Kimani, Chairperson of the Finance and Planning Committee, mark a significant step in addressing the public’s concerns and legislative scrutiny.

Significant Amendments Passed

The session saw the adoption of several critical amendments aimed at easing public discontent and refining tax proposals:

Essential Goods Tax Relief: Amendments to remove proposed taxes on bread, internet services, and diaspora remittances were approved. These taxes had been a focal point of public protests.

Manufacturing Sector Relief: The amendment to Clause 39 allows manufacturers to deduct excise duty on raw materials, providing much-needed support to the manufacturing industry.

Revised Excise Duty Payment Terms: Clause 41 was amended to extend the excise duty payment deadline to the 5th day of each month, replacing the initial 24-hour requirement.

Eco-Levy Adjustments: Exemptions for sanitary towels and tyres were approved, with the eco-levy now applying only to finished imported products.

E-Tims Registration Exemptions: Clause 51 was amended to exempt farmers, small businesses, and enterprises with a turnover of less than Sh1 million from e-Tims registration requirements.

Data Protection Assurance: Clause 63, which proposed exempting the Kenya Revenue Authority (KRA) from the Data Protection Act, was deleted to address privacy concerns.

Clarified VAT Obligations: Section 65 of the Value Added Tax Act was amended to include exported goods, ensuring clarity in tax obligations for exporters.

KRA Pin Exemptions for National Carriers: Clause 60 was amended to exclude employees of national carriers from the requirement to carry KRA Pins while working abroad.

Response from the Opposition and Public

Opposition MPs, having proposed their own amendments, ultimately decided to call for the rejection of the entire Bill. The government’s amendments come in response to widespread public protests and dissatisfaction with the initial proposals, particularly regarding essential goods and privacy concerns.

Moving Forward

The adoption of these amendments represents a strategic response by the government to public feedback and legislative debate. As the Finance Bill, 2024 progresses, further scrutiny and discussion are expected. The government’s adjustments aim to balance fiscal policy with public interests, setting the stage for continued legislative efforts.

Photo source: Google

By: Montel Kamau

Serrari Financial Analyst

26th June, 2024

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