The controversial Finance Bill 2024 has officially met its demise after the National Assembly voted in agreement with President William Ruto’s reservations and recommendations to delete all clauses of the Bill.
The decision was reached during a Committee of the Whole House session on Thursday afternoon.
The rejection of the Bill means that none of the provisions contained in it will have legal effect, effectively killing the legislation.
The Speaker of the National Assembly clarified that since there is no Bill left for him to present to the President for assent, the Finance Bill 2024 is now officially dead.
Majority Leader Kimani Ichung’wa warned that the death of the Bill would come with serious repercussions, including the loss of tax amnesty for Kenyans and exemptions from eTIMS.
He noted that if the Bill had been passed, it would have granted tax relief to individuals and saved them from certain tax burdens.
The rejection of the Bill is a significant setback for the government, which had hoped to pass the legislation to address some of Kenya’s economic challenges. The Bill had been met with widespread protests and opposition from various quarters, leading to its eventual demise.
The vote to reject the Bill came after a marathon session in which MPs deliberated on the President’s recommendations. The negation of the President’s recommendation would have required support from at least 233 Members, but ultimately, only one MP opposed the decision.
The death of the Finance Bill 2024 means that Kenyans who were set to benefit from tax amnesty and exemptions will not receive these benefits.
The government will now have to explore alternative ways to address these issues, leaving many wondering what this means for Kenya’s economy moving forward.
