Friday, June 21, 2024 – Gen Zs are a disappointed lot after MPs ignored them and went ahead to pass the contentious Finance Bill 2024 despite massive resistance through demonstrations.
A total of 204 MPs voted in favor of progressing the Bill,
115 voted against it, and there were no abstentions.
The decision follows a
contentious vote after the Bill's Second Reading, signaling lawmakers' intent
to move forward amidst mounting opposition from citizens demanding its
rejection.
The bill now faces scrutiny in
the Committee of the Whole House, where proposed amendments will undergo
rigorous evaluation.
Divisions have crystallized
along coalition lines, with the Azimio la Umoja One Kenya Coalition vehemently
opposing the Bill while the Kenya Kwanza Coalition remains supportive.
Led by Molo MP Kuria Kimani, the
National Assembly Finance Committee has proposed some changes aimed at
cooling the heavy objections to the bill.
Among the amendments unveiled
are adjustments to excise duties on mobile money transfers, reducing them from
20 per cent to 15 per cent, and the elimination of 16 per cent VAT on financial
services and foreign exchange transactions, aimed at easing financial burdens
on consumers.
In a move to protect local
industries, the committee has recommended imposing excise duties on imported
onions and potatoes while removing such levies on imported eggs.
Furthermore, the committee has
proposed repealing the 2.5 per cent motor vehicle tax, citing concerns over its
impact on the insurance sector and advocating against its inclusion in Income
Tax regulations.
Additionally, small-scale
farmers with annual turnovers below Ksh1 million may find relief as they are
exempted from mandatory usage of the Electronic Tax Invoice Management System
(e-Tims).
The Kenyan DAILY POST
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