Written by Were Kelly
Kwale County, Kenya – June 6, 2025
The Departmental Committee on Finance and National Planning today concluded public hearings on the Finance Bill 2025 and the Virtual Asset Service Providers Bill, 2025, marking the end of a nationwide consultative process aimed at incorporating public feedback into two key legislative proposals.
The Committee, chaired by Hon. (CPA) Kuria Kimani, wrapped up its final sessions in the coastal counties of Kwale, Mombasa, and Kilifi, where residents actively participated in presenting their concerns and suggestions.
In Kwale, community members voiced strong appeals for economic relief, especially through incentives for farmers and broader initiatives to lower the cost of living. Regarding digital finance, locals emphasized the need for strict regulatory frameworks within the Virtual Asset Service Providers Bill to shield citizens from fraudulent digital asset traders.
Matuga MP Hon. Kassim Tandaza, who attended the hearings, threw his weight behind the Finance Bill, praising it for not introducing new taxes and for proposing to exempt retirement benefits from taxation.
“For the first time, we have a proposed taxation law that is not imposing new taxes. This is a good law, and I want to urge you to support it,” Tandaza stated.
He further warned the public against falling for misinformation campaigns surrounding the proposed laws, urging citizens to read the Bills themselves and seek clarification when needed.
“Let us desist from spreading misinformation… Those of you who have participated have been enlightened. Don’t allow others to mislead you,” he added.
Also present was Lunga Lunga MP Hon. Mangale Munga Chiforomodo, who welcomed the Bill targeting virtual asset providers. He cited numerous unregulated and exploitative digital ventures that have defrauded residents in recent years.
“There’s been a lot of unscrupulous businesses here on digital assets. This Bill will implement stringent measures to ensure protection for all digital asset traders and consumers,” said Chiforomodo.
Chairman Kimani and other committee members reaffirmed their commitment to reviewing all the submissions made during the hearings. The Committee is expected to begin drafting its final report tomorrow, integrating regional perspectives and technical recommendations into the final versions of the proposed legislation.
The Finance Bill 2025 and the Virtual Asset Service Providers Bill are expected to proceed to Parliamentary debate and potential enactment later this month.
