Later this year, on the afternoon of June 10, National Treasury Cabinet Secretary Ukur Yatani will discuss the short gap between the Treasury building and Parliament to deliver Kenya’s largest budget ever, valued at Ksh.3.6 trillion.
The Planning Minister submitted the final expenditure projections (2021/22) medium-term budget to Parliament for review on Thursday, along with the 2021 Finance bill.
Members of Parliament (MPs) will debate a proposed Ksh.26.6 billion post-COVID-19 revival economic stimulus policy in the run-up to June’s budget announcement (PC-ESP).
The Executive, Parliament, and the Judiciary have been allotted Ksh.1.879 trillion, Ksh.37 billion, and Ksh.17 billion, respectively, under the proposed budget, whose finality would be followed by oversight from the National Assembly Budget and Appropriation Committee (BAC).
Meanwhile, county governments are expected to split Ksh.370 billion.
Other Acts targeted for amendments include the Miscellaneous Fees and and Levies Act, the Capital Markets Act, the Central Depositories Act, the Kenya Revenue Act, the Insurance Act and the Retirement Benefits Act.
The National Treasury is however seeking to incentive the purchase of crucial medical equipment.
“We are proposing to introduce VAT exemptions on ventilators, decongestants and supplements in order to boost the health sector by lowering costs, while also supporting youth employment by proposing tax deductions for employers that engage Technical and Vocational Education and Training (TVET) graduates as apprentices,” added CS Yatani.
