Friday, June 21, 2024 – Gen Zs are a disappointed lot after MPs ignored them and went ahead to pass the contentious Finance Bill 2024 despite massive resistance through demonstrations.
A total of 204 MPs voted in favor of progressing the Bill, 115 voted against it, and there were no abstentions.
The decision follows a contentious vote after the Bill's Second Reading, signaling lawmakers' intent to move forward amidst mounting opposition from citizens demanding its rejection.
The bill now faces scrutiny in the Committee of the Whole House, where proposed amendments will undergo rigorous evaluation.
Divisions have crystallized along coalition lines, with the Azimio la Umoja One Kenya Coalition vehemently opposing the Bill while the Kenya Kwanza Coalition remains supportive.
Led by Molo MP Kuria Kimani, the National Assembly Finance Committee has proposed some changes aimed at cooling the heavy objections to the bill.
Among the amendments unveiled are adjustments to excise duties on mobile money transfers, reducing them from 20 per cent to 15 per cent, and the elimination of 16 per cent VAT on financial services and foreign exchange transactions, aimed at easing financial burdens on consumers.
In a move to protect local industries, the committee has recommended imposing excise duties on imported onions and potatoes while removing such levies on imported eggs.
Furthermore, the committee has proposed repealing the 2.5 per cent motor vehicle tax, citing concerns over its impact on the insurance sector and advocating against its inclusion in Income Tax regulations.
Additionally, small-scale farmers with annual turnovers below Ksh1 million may find relief as they are exempted from mandatory usage of the Electronic Tax Invoice Management System (e-Tims).
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