The Parliamentary Committee on Finance, led by Molo MP Kuria Kimani, has announced a resolution to contentious clauses in the Finance Bill 2023 during a retreat in Naivasha.
Although the amended clauses were not disclosed, the committee assured the public that all views and petitions had been considered. Over the past few weeks, two major issues have dominated discussions surrounding the bill: the implementation of a three percent housing levy and a 16 percent value-added tax (VAT) on petroleum products, witht he opposition calling for the government to drop those provisions.
During the press briefing held in Naivasha, MP Kuria expressed his confidence in the revised Bill, saying the committee had thoroughly examined the recommendations received and incorporated them into the 137-page document.
Regarding the housing levy and VAT on fuel products, Kuria chose to withhold specific details until the document was presented before the House. He emphasized that the nation’s financial situation was burdened by debt and highlighted the committee’s recommendations to reduce borrowing.
“Our current debt stands at Sh958 billion, and a significant portion of every Sh10 goes towards debt servicing. We must address this issue,” Kuria stated.
The MP criticized those who rejected the entire report based on these two issues, noting that the bill contained numerous positive aspects that political debates had overshadowed. Some of the incentives highlighted in the Bill included waivers on agricultural inputs, vaccines, and electric cars and motorcycles. Kuria expressed optimism that these incentives would contribute to Kenya becoming a leading producer of vaccines.
Kuria called for a sober discussion in Parliament, emphasizing that MPs can amend the bill during parliamentary sessions.
“Each clause in this bill has implications for our country’s economy, and it would be unjust to reject it outright due to two controversial sections,” he said.
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