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Thursday, September 28, 2023

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Its over for the hustlers as Ruto signs finance bill into law

President Ruto officially signs the controversial Finance Bill 2023 which seeks to raise more revenue into law.

President William Ruto has signed into law, the controversial Finance Bill 2023, which was passed by the National Assembly.

The president assented to the Bill on Monday morning at State House, Nairobi.

The signing of the bill now means Kenyans will have to dig deeper into their pockets, to fund Ruto’s first budget as Head of State.

The Bill sailed through Parliament after a third reading by Kuria Kimani, chairman of the National Assembly Finance and National Planning Committee, and now Kenyans will have to dig deeper into their pockets to fund the government’s first budget.

The Bill was passed even as the Opposition and the ruling party engaged in a heated debate, over the proposals it contains.

There were 87 proposed amendments to the Bill, some of which were approved on Tuesday as the National Assembly debated them late into the night.

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Among the most important proposals approved was a 16% value-added tax on gasoline, up from 8%.

 At least 184 MPs—mostly from Kenya Kwanza—supported the bill, while 88 MPs—mostly from Azimio—opposed the amendment.

The contentious Housing levy, which had initially proposed to be at 3 per cent was also passed after it was amended to 1.5 per cent of gross pay. It had been converted into a tax.

Digital creators will be subject to a 5% tax. This figure was originally proposed to be 15%.

Betting and insurance withholding taxes will be charged at 12.5% and 16%, respectively.

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