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[DETAILS] INSIDE 7 Bills Signed Into Law By President Ruto
On Wednesday morning, President William Ruto signed at least seven amendment bills addressing a variety of issues such as taxes, development, and statutory instruments.
Several leaders observed the ceremony, which took place at State House in Nairobi.
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.
— William Samoei Ruto, PhD (@WilliamsRuto) December 11, 2024
They are Kenya Revenue Authority (Amendment) Bill 2024, the Kenya Roads (Amendment) Bill 2024),… pic.twitter.com/ksy7vEMBEP
Prime Cabinet Secretary Musalia Mudavadi, Treasury Cabinet Secretary Mbadi, National Assembly Speaker Moses Wetang’ula, Attorney-General Dorcas Oduor, and MPs led by Majority Leader Kimani Ichungw’ah were among those in attendance.
Tax Laws (Amendment) Bill, 2024
The bill, introduced by National Assembly Majority Leader Kimani Ichung’wah, seeks to bring Kenya’s tax policy in line with global standards while providing relief to employees, pensioners, and enterprises.
It permits taxpayers to deduct payments to post-retirement medical funds and the Affordable Housing Levy from their tax liabilities, therefore reducing the burden of double taxation.
To encourage more Kenyans to buy homes, the bill boosts the mortgage interest deduction maximum from Sh300,000 to Sh360,000.
The measure also includes an economic presence tax for non-residents and a minimum top-up tax for multinational corporations, ensuring that global firms contribute their fair contribution to Kenya’s economy.
Tax Procedures (Amendment) Bill, 2024
The primary goal of the Bill is to alter the Tax Procedures Act, Cap. 469B, to improve clarity on the form and nature of Electronic Tax Invoices; simplify compliance for small businesses and small-scale enterprises; and provide incentives to the construction industry.
The Bill also outlines what information is required on electronic tax invoices. It requires that such invoices bear the designation “TAX INVOICE,” the supplier’s name, address, and PIN, and, if available, the same information for the purchaser.
The Bill also demands the tax invoice’s serial number, issuance date and time, supply date and time (if different), and other information.
Business Laws (Amendment) Bill 2024
President Ruto has this morning assented to the following Bills:
— Oliver Mathenge (@OliverMathenge) December 11, 2024
1. The Tax Laws (Amendment)
2. The Tax Procedures (Amendment)
3. Business Laws (Amendment)
4. Statutory Instruments (Amendment)
5. Ethics and Anti-Corruption Commission (Amendment)
6. Kenya Roads (Amendment)
7.… pic.twitter.com/cp3EpfhpEr
The Business Laws (Amendment) Bill 2024 proposes to alter various Parliamentary Acts in order to improve financial stability, safeguard depositors, and promote honesty in the financial services sector.
It also enhances the ease of doing business by amending the Kenya Accreditation Service Act and providing mandatory accreditation of conformity assessment institutes by the Kenya Accreditation Service.
Furthermore, the Bill alters the Special Economic Zones Act to provide the relevant Cabinet Secretary the authority to define the minimum amount to be invested in a special economic zone, as well as to create a one-stop shop where businesses may submit all of their applications for ease of business.
Statutory Instruments (Amendment) Bill, 2023
It aims to modify the Statutory Instruments Act, Cap 2A, to compel a Cabinet Secretary responsible for a regulatory authority to submit a statutory instrument to Parliament as required by law.
This includes publishing a notice in the Gazette indicating that the statutory instrument is null and void.
Furthermore, the modifications to the Bill provide Parliament the authority to publish the nullity of an instrument on the Parliamentary website and in two widely circulated publications.
This increases the maximum fine for violating a statutory instrument from 20,000 shillings to one million shillings.
Ethics and Anti-Corruption Commission (Amendment) Bill, 2024
The Ethics and Anti-Corruption Commission (Amendment) Bill 2024 attempts to put into action the proposals and public perspectives given by the National Dialogue Committee on Governance.
It also modifies the provisions of the EACC Act governing the qualifications for appointment as chairwoman of the commission.
According to the Bill, the commission chairperson must be eligible to hold the position of a judge of the High Court.
This allows the officeholder to provide leadership and strategic direction to the commission.
Kenya Roads Board Amendment Bill, 2024
The Bill changes Section 7(1) and the First Schedule of the Kenya Roads Boards Act, Cap 408A, to lower the Kenya Roads Board’s membership and the institutions from which it might be nominated from eight to five.
The Bill also tries to reconcile the definition of “Minister” with the Constitution, replacing it with “Cabinet Secretary”.
Kenya Revenue Authority Amendment Bill, 2024
The Kenya Revenue Authority (Amendment) Bill 2024 establishes the Commissioner-General as the appointing authority for deputy commissioners.
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However, the appointments will be subject to Board approval.
The Bill further changes the KRA Act, granting the National Treasury Cabinet Secretary the authority to waive the penalty due by an appointed agent who fails to transfer cash collected if the failure was unintentional.
This measure also strengthens KRA’s engagement with educational institutions, such as the Kenya School of Revenue Administration (KESRA), to boost revenue collection and tax administration.
[DETAILS] INSIDE 7 Bills Signed Into Law By President Ruto
