The National Treasury has commenced public participation on the 2023 -2024 budget at a time the new administration is keen on cutting borrowing, reducing public debt and increasing revenue collection.
The exercise comes barely a week after the National Treasury and Economic Planning unveiled the budget preparation process for the 2023/2024 Financial Year.
The public hearing process is expected to run from November 14 up to December 16, 2022 according to a statement by National Treasury and Economic Planning Cabinet Secretary Njuguna Ndung'u.
“In particular Kenyans are encouraged to submit tax proposals that will facilitate achievement of the government objectives in Agriculture, Micro, Small and Medium Enterprise (MSMEs) economy, Housing and Settlement, Healthcare, Digital Superhighway and CreativeEconomy,” Treasury said in the public notice.
Already the Kenya Kwanza administration has spelled out key issues it wants to be addressed in the budget. These include slashing the supplementary budget set for January by Sh300 billion.
“I hereby invite government departments and agencies, the private sector, non-governmental organisations and individuals to submit proposals on tax policy measures for consideration by the Cabinet Secretary for National Treasury and Economic Planning in preparation the Finance Bill, 2023,”added Ndung’u
According to the Treasury, the proposals should echo the Economic Recovery Strategy and the country’s economic blueprint Vision 2030.
The state is further seeking measures that will enhance regulatory reforms, revenue administration reforms, and any other measures that may enhance macroeconomic stability and reposition the economy on an inclusive and sustainable growth trajectory.
The exchequer says the submissions should be specific on the proposed amendment to the tax law, supported by a statement on the issue to be addressed and a clear justification for the proposed amendment.
