Kenyan President, William Ruto, has refused to assent to the Finance Bill 2024 and sent it back to Parliament for reconsideration.
The bill was returned with proposed amendments from the president, which MPs will need to review before the recess on Wednesday. Parliament can choose to amend the bill in line with the president’s reservations or pass it again without amendments. If the bill is amended to fully address the president’s concerns, it will be resent for assent.
Key tax proposals initially included in the bill, such as a 16% VAT on bread, excise duty on vegetable oil, and VAT on sugar transportation, have been dropped.
The bill passed through the committee of the whole house format for detailed examination before the legislative review process continues.
