President Uhuru Kenyatta has assented to four Parliamentary Bills in accordance with Article 115(1)(a) of the Constitution.
The bills include the Appropriation Bill 2021, the Second Supplementary Appropriation Act 2021, the County Allocation of Revenue Act, and the Finance Bill 2021.
The State House said that the president signed the bills into laws on June 29, 2021.
The Appropriation Act 2021 authorises the issuance of funds from the Consolidated Fund in furtherance of the budget for the Financial Year 2021/2022.
The Act also facilitates the expenditure of the gross total budget of Sh1.9 trillion for the Executive, Parliament, and the Judiciary, which comprises a total of Sh1.2 trillion for recurrent expenditure Sh668 billion for development expenditure.
The Second Supplementary Appropriation Act achieves a net reduction of Sh8.1 billion, which comprises a reduction of Sh16.6 billion for recurrent expenditure and an increment of Sh84 billion for development expenditure.
The Financial Act of 2021 introduces amendments to various tax-related Acts of Parliament as well as other related statutes in the public finance sector including the Insurance Act, the Capital Markets Act, the Retirements Benefits Act, the Central Depositories Act, and the Stamp Duty Act.
“With the Presidential Assent of these critical legislative instruments that anchor the Financial Year 2021/2022 budget, Kenya’s public finance sector is on a stronger foundation to spur economic growth, fund critical development projects within the Big Four and other seminal initiatives,” State House said in a statement.
It added that the legislative interventions as set out in the current financial year are expected to boost the ease of doing business for both large and small sectors in the country.
