John Mbadi Says Rejection Of The Finance Bill 2024 Not A Setback
The rejection of the Finance Bill, 2024, should not cause concern, according to Treasury Cabinet Secretary nominee John Mbadi.
He stated that the government still has options for revenue collection that do not include re-introducing the entire punitive document that the public rejected.
Mbadi stated that the rejected Bill contained good provisions that he intends to include as amendments to parent Bills, indicating the possibility of a Tax (Amendments) Bill in the near future.
The nominee stated that insufficient public participation and ineffective communication were the primary reasons for the failure of the Finance Bill.
John Mbadi: Kenyans should stop panicking. This house should help me bring this legislations directly touching on these specific statutes. We do not need to have a Finance Bill. The problem we had was that the public felt there was no proper public participation.#K24Siasa pic.twitter.com/zSqQ12n9nI
— K24 TV (@K24Tv) August 3, 2024
“I believe there are good provisions that have been lost in the Finance Bill (2024) that are not contentious, and we can bring them as specific amendments with proper public participation. The problem we had was that the public felt they were not listened to,” he said.
Mbadi also stated that the Finance Bill typically includes only a few tax amendments, which he promised to address through dedicated statutes if appointed.
“We don’t have a lacuna. In fact, the Finance Bill is an omnivorous amendment Bill. We have about five or six that the Finance Bill usually amends,” he said.
“Among them are excise duty, import duty, value-added tax, income tax, and the Tax Procedures Act, and we have fees and levies.”
Mbadi also added: “These are specific legislations that, if I’m approved, this house should help me ensure they touch these specific statutes. We don’t need to have a Finance Bill but I will seek specific guidance from the Attorney General.”
Mbadi revealed that during the 10th and 11th Parliaments, the Finance Bill was passed in September, which could provide a ray of hope to the Kenya Kwanza administration’s efforts to increase revenue.
“We used to have three months into the financial year to pass the Finance Bill,” he pointed out.
John Mbadi Says Rejection Of The Finance Bill 2024 Not A Setback
