Finance Bill 2024 continues to stir debate among legislatures with some like Gathoni Wamuchomba openly expressing their dissatisfaction.
The Githunguri Member of Parliament (MP), who is against the bill, on Monday, June 10, 2024, shared her views on the new proposed Finance law 2024.
Warning Kenyans of the implications of the new proposed law, Wamuchomba revealed that she was isolated politically after voting against the 2023 Finance Law.
“I warned you Kenyans about the implications of Finance Act 2023. I Voted NO and I was isolated politically,” Wamuchomba said.
She added that a handful of manufacturing industries closed down or relocated to another country last year due to high taxation brought about by Finance Law 2023.
“Before we deal with the 2024 proposal let us take stock. How many manufacturing industries have closed down or relocated to another country in the last one year? I know of about five. Let’s compile the list. We need to speak reality no hypothesis,” Wamuchomba said.
I warned you Kenyans about the implications of Finance Act 2023. I Voted NO and i was isolated politically .
— Hon.Gathoni Wamuchomba, HSC, MP (@hon_wamuchomba) June 10, 2024
Before we deal with the 2024 proposal let us take stock . How many manufacturing industries have closed down or relocated to another country in the last one year ?
I…
2024 proposed law
The Finance Bill 2024, which was tabled on May 13, 2024, by the Chairperson of Finance and National Planning Committee of the National Assembly, has faced a backlash from various leaders in the country.
On June 7, 2024, the Orange Democratic Movement (ODM) party leader Raila Odinga called for a radicle change on the proposed Finance Bill 2024 on the grounds that it introduces punitive tax to already overburdened Kenyan and that it will scare investors from investing in the country.
“It is worse than the one of 2023, its an investment killer and a huge milestone around the necks of millions of poor Kenyans who had hopes that the tears they shed last year would see the government lessen their tax burden in 2024,” he said.
He added that the tax on basic commodities such as bread and edible oil will affect the livelihood of millions of Kenyans.
“Bread is set to be taxed at 16percent from the current zero-rated status,25 per cent excise dully on edible oil cost of cooked oil including those served in kiosks and kibandas that are the refuge of millions of casual workers will rise,” Raila said.
The Bill proposes various changes to the Income Tax Act (ITA), the VAT Act, 2013 (VAT Act), the Excise Duty Act, the Tax Procedures Act, 2015 (TPA), and the Miscellaneous Fees and Levies Act among other non-tax statutes.
All the proposed changes will be effective 1 July 2024 unless stated otherwise. These measures are expected to impact different businesses, sectors as well as individuals.
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