Nairobi — President William Ruto yesterday disclosed that Treasury is looking to raise revenue through other sources after the suspension of the Finance Bill 2024.
The head of state was speaking at the Town Hall meeting in Kisumu, where he said the situation currently is untenable.
“When we lost the finance bill, we lost close to Sh340 billion of the money we could have raised through that finance bill. We are however having discussions with our partners, and I am confident that we can have things turned around,” he said.
Ruto added that he has already received proposals from the National Treasury on how to finance his administration.
The head of state disclosed that this will include engaging parliament in coming up with the proposed draft by Treasury.
President Ruto had in June 25 withdrew the Finance Bill 2024 following the protests in a historic step, the first of its kind since independence.
This implies that the Sh3.9 trillion budget would be managed using the current Finance Act, along with external and internal borrowing to address the budget deficit.
On Tuesday, Treasury Cabinet Secretary John Mbadi announced plans to reintroduce key provisions from the suspended Finance Bill 2024 through a newly proposed Tax Procedures (Amendment) Bill, 2024.
The bill, published in the latest Kenya Gazette Supplement No. 165, is set to be introduced to the National Assembly with the aim of reinstating some of the contentious measures that were previously put on hold.
The proposed bill includes several critical amendments to the Tax Procedures Act, aimed at improving tax collection and administration.
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Publish date : 2024-08-30 11:01:38
