President Ruto Assents to the Finance Bill 2023

Following the approval of tax measures intended to increase the Sh3. 6 trillion budget by MPs, President William Ruto signed the Finance Bill 2023 on Monday.

Last Wednesday night, lawmakers approved President Ruto’s proposed Finance Bill, 2023.

The Bill passed after a third reading by the National Assembly Finance and National Planning Committee chairman Kuria Kimani.

As a result, Kenyans would now need to spend more money in order to support Ruto’s first budget as head of state.

The Bill was passed despite a contentious debate between the ruling party and the opposition over its recommendations.

The Bill has 87 proposed revisions, some of which the National Assembly adopted last Tuesday after a late-night debate.

One of the most important measures that was approved was an increase in the value-added tax on fuel from 8% to 16%.

With the exception of Githunguri MP Gathoni Wamuchomba, at least 184 MPs, many of whom were from Kenya Kwanza, backed the measure, while 88 MPs, many of whom were from Azimio, rejected the change.

The divisive housing charge, which had been proposed to be at 3%, was also approved after being changed to 1.5% of gross wage. It had evolved into a charge.

The initial idea called for Kenyans to be able to claim the levy after seven years.

Digital creators will be subject to a 5% tax. Initially, 15% was suggested to be the amount.

Withholding taxes on betting and insurance will also be affected, and these rates will be 12.5% and 16%, respectively.