President William Ruto has officially signed into law the Finance Bill 2023 following its approval by the National Assembly.
The Bill was passed after a third reading by the National Assembly Finance and National Planning Committee chairman, Kuria Kimani.Â
It is the first Appropriations Bill under the Kenya Kwanza Government and, therefore, seeks to align its Manifesto and promises through assignment of actual resources to meet various services and projects.
With Ruto’s signature, the Act becomes effective from July 1.
This now means Kenyans will have to dig deeper into their pockets, to fund Ruto’s inaugural budget as Head of State.
Key highlights in the new Act include the 16 percent value-added tax on fuel, up from 8 percent.
The controversial Housing levy, which had initially proposed to be at 3 percent was also passed after it was amended to 1.5 percent of gross pay. It had been converted into a tax.
The initial proposal wanted the levy to be saving that Kenyans would claim after seven years.
Present were Deputy President Rigathi Gachagua, Prime Cabinet Secretary Musalia Mudavadi, Speaker of the National Assembly Moses Wetang’ula, Speaker of the Senate Amason Kingi, Attorney General Justin Muturi and a host of MPs led by Majority leader Kimani Ichung’wah.
