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The Finance Bill, 2024 was published on May 9 and is now set to be subjected to public participation thereafter.
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The Bill contains tax proposals that the Kenya Kwanza government wants to use to raise revenue and finance its ambitious projects.
Image: FILE
Vihiga Senator Okiya Omtatah has urged Kenyans to carefully scrutinise the newly unveiled Finance Bill, 2024 and give their proposals.
Omtatah, known for his public interest litigation, noted that Kenyans have an opportunity as provided for in the Constitution to submit their views before proposals in the bill are enacted.
“Public awareness is great, a step in creating any type of change...I encourage everyone to take keen interest and look at the proposals,” he said.
He also urged them to reach out to their elected leaders while proposing ideas.
The senator also challenged those in charge to not only see and acknowledge the problem, “but to also make legitimate changes that will address the issues”.
He noted that as Kenyans, they should get involved in making such crucial decisions that affect the nation.
“We must be willing to get involved in the direction that we want the country to take through proposing and creating solutions rather than merely highlighting problems and do not be afraid to call into question the status quo,” he said.
During Monday's session, the chairperson of the Departmental Committee on Finance and National Planning will be moving a procedural motion to have the publication period of the draft bill reduced from seven days to four.
The Finance Bill, 2024 was published on May 9 and is set to be subjected to public participation thereafter.
The Bill contains tax proposals that the Kenya Kwanza government wants to use to raise revenue and finance its ambitious projects.
Some of the proposals are the introduction of a Motor Vehicle Tax, with a rate of 2.5 per cent of the vehicle's value.
The minimum tax payable to the Commissioner on each vehicle at the time of issuance of insurance cover will be Sh5,000 with a maximum amount of Sh100,000.
The Bill states that the calculation would be based on make, model, engine capacity and year of manufacture.
Additionally, an insurer of a vehicle is expected to collect and remit the motor vehicle tax within five working days after issuing an insurance cover.
The Bill warns that an insurer who fails to collect and remit the motor vehicle tax shall be liable to pay a penalty equivalent to 50 per cent of the uncollected tax and the actual amount of the uncollected tax.
On the Affordable Housing, the Bill places a caveat to all the owners of the houses by amending section 54 of No.4 of 2024 on its restrictions.
It states that except with prior consent of the board, a purchaser of a unit shall not by contract, agreement or otherwise sell his of her unit or any interest therein to any other person.