President William Ruto signs several bills that will help tax and collect more revenues after the fall of the finance bill 2024. Much of the bills signed introduced some of the components in the finance bill 2024.
President William Ruto has today signed into law the following bills:
—Tax Laws (Amendment)
—Tax Procedures (Amendment)
—Business Laws (Amendment)
—Statutory Instruments (Amendment)
—Ethics and Anti-Corruption Commission (Amendment)
—Kenya Roads (Amendment)
—Kenya Revenue Authority (Amendment)
Kenya Revenue Authority (Amendment) Bill 2024:
This bill gives the National Treasury the power to waive penalties for agents who fail to transfer funds by mistake. It also allows the appointment of deputy commissioners by the Commissioner-General, subject to approval.
Kenya Roads (Amendment) Bill 2024:
This focuses on improving road management and funding for road projects in Kenya, though specific details are not provided in the article.
Ethics and Anti-Corruption Commission (Amendment) Bill 2024:
This bill changes the qualifications for appointing the chairperson of the Ethics and Anti-Corruption Commission, requiring the person to be qualified to hold the office of a High Court judge.
Statutory Instruments (Amendment) Bill 2023:
This bill strengthens Parliament’s role by allowing it to nullify laws or regulations that are not properly submitted by the relevant government ministries. It also introduces fines for violations.
Business Laws (Amendment) Bill 2024:
This bill amends laws to make business operations smoother, protect depositors, and promote financial stability. It also makes it easier for businesses to apply for permits and licenses.
Tax Procedures (Amendment) Bill 2024:
This bill clarifies how small businesses should handle tax invoices, making it easier for them to comply. It also offers tax incentives for the construction industry.
Tax Laws (Amendment) Bill 2024:
This bill provides tax relief for employees and retirees, supports local manufacturing, promotes agriculture and housing, and strengthens Kenya’s tax rules.
President Ruto said, ” The signing of seven parliamentary Bills will accelerate the achievement of our Bottom-Up Economic Transformation Agenda. It will also enhance our country’s global competitiveness.
“They are Kenya Revenue Authority (Amendment) Bill 2024, the Kenya Roads (Amendment) Bill 2024), the Ethics and Anti-Corruption Commission (Amendment) Bill 2024) and the Statutory Instruments (Amendment) Bill 2023. Others are the Business Laws (Amendment) Bill 2024, the Tax Procedures (Amendment) Bill 2024 and the Tax Laws (Amendment) Bill 2024.”
