Saturday, August 3, 2024 - Treasury Cabinet Secretary nominee John Mbadi has allayed concerns among Kenyans about the economy following the withdrawal of the Finance Bill 2024.
Appearing before the National Assembly's Committee on Appointments on Saturday, Mbadi assured the country that finance bills are always intended to improve existing finance laws.
The former Orange Democratic Movement Chairman, therefore, stated that there would be no vacuum even with President William Ruto's move to reject the bill.
"We don’t have a lacuna. In fact, a Finance Bill is an omnibus Amendment Bill; we have about five or six legislations that the Finance Bill usually amends.
"We have Excise Duty, Import Duty, Value Added Tax, Income Tax, Tax Procedures Act, and fees and levies. These are specific legislations.
This House, if I’m approved, should help me to bring these legislations directly, touching on these specific statutes.
"We don’t have to have a Finance Bill, but I’ll seek guidance from the Attorney General," he said.
Mbadi further stated that, if approved, he will ensure more Kenyans are brought into the tax bracket to increase revenues without introducing new levies.
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