Ruto signs three bills including the Division of Revenue (Amendment) Bill, 2024, into law
Ruto on Wednesday assented to the Division of Revenue (Amendment) Bill, 2024, the Rating Bill 2022, and the Water (Amendment) Bill, 2024
President Ruto on Wednesday assented to the Division of Revenue (Amendment) Bill, 2024, the Rating Bill 2022, and the Water (Amendment) Bill, 2024.
The Division of Revenue (Amendment) Act, 2024, sponsored by Ndindi Nyoro, chair of the Budget and Appropriations Committee, provides Ksh.387 billion as an equitable share of revenue to counties for the 2024/2025 financial year.
Initially, the controversial Finance Bill, 2024 had allocated Ksh.400 as an equitable share of revenue to counties.
However, Ruto’s rejection in the wake of nationwide protests forced the figure to be reviewed downwards to Ksh.380 billion.
The National Assembly and the Senate struck an agreement at Ksh.387 billion for counties, representing 24.67 percent of the most recent audited revenue.
Despite the revenue shortfall, the amount going to counties rose by Ksh.2 billion from the Ksh.385 the devolved units had received in the 2023/2024 financial year.
This is above the 15 percent minimum threshold constitutional requirement. The Act has allocated Ksh.2.2 trillion to the national government.
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Meanwhile, the Rating Act, 2024 creates a standard framework for valuation and rating, and clear guidelines for counties on how to assess property values and impose rates, among others.
The new law was sponsored by Majority Leader Kimani Ichung’wah and it creates a standard framework for valuation and rating property values and imposing rates by counties.
It also establishes the office of the Chief Government Valuer to act as the main advisor to both the national and county governments on valuation matters.
At the same time, the Water (Amendment) Act, 2024 also sponsored by Ichung’wah, provides for public-private partnerships in financing the development of water works by national government agencies.
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