The Kenya Kwanza government is racing against a stringent deadline, with just seven working days remaining to secure the passage and signing of the Finance Bill 2024 by President William Ruto. This legislation is pivotal as it outlines the financial framework for the Fiscal Year 2024/2025, beginning July 1.
Recent amendments to the Public Finance Management (PFM) Act have accelerated the timeline, requiring the Bill’s enactment by June 30, a significant shift from the previous 90-day post-Appropriations Bill period. This change ensures the Kenya Revenue Authority (KRA) can commence tax collection promptly.
The Finance Bill, originating from the National Treasury, was introduced in the National Assembly alongside the annual national government estimates. The Bill has since been reviewed by the Finance and National Planning Committee, chaired by Molo MP Kimani Kuria, which conducted public hearings and submitted its report on June 18.
Members of Parliament are set to debate and vote on the Bill on June 20. The debate allows for detailed scrutiny and potential amendments. With Kenya Kwanza holding a parliamentary majority and having addressed many contentious issues, the Bill’s passage appears likely, though the final form may still change.
Following parliamentary approval, the Bill will be presented to President Ruto for assent. Under Article 115 of the Constitution, the President has 14 days to sign the Bill into law or return it to Parliament with reservations. If the President neither signs nor returns the Bill within this period, it automatically becomes law.
Last year, President Ruto signed the Finance Bill 2023 on June 26, underscoring the importance of timely legislative processes. As the June 30 deadline approaches, the focus remains on Parliament and the Executive to ensure the Finance Bill 2024 is enacted, setting the stage for Kenya’s fiscal policies in the coming year. The legislation will impact revenue collection and public spending priorities significantly.
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