The Lower Eastern Times Opening The Third Eye
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President William Ruto has enacted seven new parliamentary Bills aimed at advancing the Bottom-Up Economic Transformation Agenda.
These include the Kenya Revenue Authority (Amendment) Bill 2024, the Kenya Roads (Amendment) Bill 2024, the Ethics and Anti-Corruption Commission (Amendment) Bill 2024, and the Statutory Instruments (Amendment) Bill 2023, as well as the Business Laws (Amendment) Bill 2024, the Tax Procedures (Amendment) Bill 2024, and the Tax Laws (Amendment) Bill 2024.
The KRA Bill 2024 allows the Commissioner-General to appoint deputy commissioners, subject to approval by the Board. It also empowers the National Treasury Cabinet Secretary to waive penalties for agents who fail to transfer collected funds, provided the failure was unintentional.
The EACC Bill 2024 seeks to implement recommendations from the National Dialogue Committee on governance and revises the qualifications for appointing the commission’s chairperson, requiring them to be qualified to hold the office of a High Court judge for effective leadership.
The Business Laws (Amendment) Bill 2024 proposes changes to various Acts to strengthen financial stability, protect depositors, and enhance the financial sector’s integrity. It also simplifies business operations by amending the Kenya Accreditation Service Act and the Special Economic Zones Act, facilitating easier business processes.
The Statutory Instruments (Amendment) Bill modifies the Statutory Instruments Act, requiring the responsible Cabinet Secretary to publish a gazette notice if a statutory instrument is not submitted to Parliament, and gives Parliament the power to declare such instruments null. Any non-compliant instruments face fines ranging from Ksh.20,000 to Ksh.1 million.
The Tax Procedures (Amendment) Bill clarifies requirements for Electronic Tax Invoices, making compliance easier for small businesses and offering incentives for the construction sector. It mandates that invoices include specific details such as the “TAX INVOICE” designation, supplier and purchaser information, and unique serial numbers.
Finally, the Tax Laws (Amendment) Bill revises the Income Tax Act, the Value Added Tax Act, the Excise Duty Act, and the Miscellaneous Fees and Levies Act. These amendments provide tax relief for employees and retirees, support local manufacturing and agriculture, promote homeownership, enhance trade, and improve the overall taxation framework.
