The Finance Bill 2024 has sparked significant controversy in Kenya. Public hearings on the bill, which aims to raise Kes 302.0 billion in additional tax revenue for the 2024/25 fiscal year, have commenced. The total revenue target for the year is Kes 3.35 trillion, with Kes 2.91 trillion expected from ordinary revenue. Critics, including Kwame Owino, CEO of the Institute of Economic Affairs, argue that the bill's measures are punitive and will disproportionately affect low-income households. Owino stated, 'You cannot raise revenues by taking bread off the mouths of kids, that’s not acceptable.' The Law Society of Kenya (LSK) has also voiced concerns, stating that the bill will inflict more pain on low-income households. Experts in the financial sector are urging MPs to reject the proposed taxation measures, warning of their severe impact on the poor. Petitions against the bill have been presented, with organizations like LSK and KMPG pushing for the scrapping of certain taxes, such as the motor vehicle tax.
Finance Bill 2024 will inflict more pain on low income households – LSK https://t.co/3sPeIQoM85
Petitions Against Finance Bill 2024: More anti-finance bill submissions presented LSK, KMPG push for scrapping of motor vehicle tax Committee pledges to take on board proposals #JKLive @KoinangeJeff https://t.co/Ot2JYPVOTz
Experts in the financial sector want MPs to throw away the punitive taxation measures as proposed in the Finance Bill 2024 warning that they will hit the poor hard if enacted in its current form. https://t.co/fQIPdicXX5
Finance Bill 2024 will inflict more pain on low income households – LSK https://t.co/1ZMgdWNZX7
Finance Bill 2024: You cannot raise revenues by taking bread off the mouths of kids, that’s not acceptable ~ Kwame Owino, CEO - Institute of Economic Affairs #BusinessRedefined @AmbokoJH https://t.co/eJ38iTV9Rj
Finance Bill 2024 I think Kenya would do well if we cancel the Finance Bill that we have today and wait it for another 5 years. There’ll be growth, revenues will grow ~ Kwame Owino, CEO - Institute of Economic Affairs #BusinessRedefined @AmbokoJH https://t.co/Bfi4t5baJK
Finance Bill 2024 public hearings kicked off today. The Bill seeks to raise Kes 302.0 billion worth of additional tax revenue in 2024/25 (total revenue target for 2024/25 is Kes 3.35 trillion of which Kes 2.91 trillion is ordinary revenue) Here's a 🧵 on some of the… https://t.co/cSF14Yqzrj