How To Submit Proposals On Tax Measures For Ruto's Budget
The proposals should echo the Economic Recovery Strategy and the country’s economic blueprint Vision 2030.
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The National Treasury has invited Kenyans to submit tax proposals on seven key areas, particularly agriculture, ahead of the 2023/24 fiscal budget.
Treasury Cabinet Secretary Prof Njuguna Ndung’u, in a notice dated Tuesday, November 8 called upon Kenyans to submit their views on tax policy measures for consideration by him in preparation for the Finance Bill, 2023.
The bill will assist the government in coming up with methodologies for collecting and spending money in the upcoming 2023/24 financial year.
Outside the National Treasury building in Nairobi. /TWITTER
The proposals should echo the Economic Recovery Strategy and the country’s economic blueprint Vision 2030.
"In particular, Kenyans are encouraged to submit tax proposals that will facilitate the achievement of the government objectives in the Agriculture, Micro, Small and Medium Enterprise (MSMEs) economy, Housing and Settlement, Healthcare, Digital Superhighway and Creative Economy.
"In addition, the proposals may include measures on 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 notice read in part.
The submissions should also 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.
How To Submit Views
In order to facilitate timely consultations and adequate consideration, the proposals should be submitted in writing to the undersigned and a soft copy sent through the email [email protected], not later than December 16, 2022.
CS Ndung’u launched the Financial Year 2023/24 and Medium-Term Budget preparation process on November 9, 2022. During the launch, he noted that revenue collection was recorded in all broad tax categories.
However, the good performance was overshadowed by the effects of the Russia-Ukraine conflict which put pressure on the prices of energy, food, and other commodities and pushed inflation to a high of 9.6 per cent by the end of October 2022.
KNBS director general, Macdonald Obudho, attributed the inflation hike to the spike in prices of daily commodities according to the Indices (CPI) and Inflation Rates report released on Monday, October 31.
During his inaugural speech in Parliament, President William Ruto instructed the Treasury to cut down former President Uhuru Kenyatta's last budget by Ksh300 billion, specifically reducing expenditure on unnecessary items that were budgeted for.
"Over the next three years, we must go back to the situation where the government contributes to the national saving scheme. To this end, I have instructed the Treasury to work with ministries to find at least Ksh300 billion in this year's budget because the market cannot sustain the kind of borrowing we are doing as a government," he said.
Specifically, Uhuru's last budget read by former Treasury CS Ukur Yatani before the 2022 elections was projected at Ksh3.3 trillion.
He added that his government will allocate resources every year to the hustler fund from which Micro, Small and Medium Enterprises (MSMEs) can access affordable credit to start and expand their businesses.
Former Treasury CS, Ukur Yatani. /FILE
