The Budget and Appropriations Committee is a standing committee at the National Assembly tasked with among other functions investigating and reporting on all matters related to the coordination, control, and monitoring of the national budget and evaluation of tax estimates, and economic and budgetary policies.
The Select Committee on Budget and Appropriations submitted the report on the Supplementary Estimates for FY 2022/2023. In the supplementary budget, requests for reallocations and additional allocations as well as expenses covered under Article 223 of the Constitution are submitted for approval by the Parliament.
Kenya Nairobi plans new zoning policy as exclusivity wanes Nairobi is considering a new zoning policy, which will reclassify some estates as residential or mixed-use neighbourhoods at a time some suburbs are coming under pressure from a previous reclassification that has hurt their exclusivity. Speaking
Kenya KRA set to tax hedging profits under new rules Kenyans engaging in transactions with foreigners to cushion them from volatility in financial markets will now be required to account for any profit realised by non-resident parties and remit tax on the same to the
Kenya Users allowed to sue Safaricom over clients’ bank details access The High Court has allowed millions of Safaricom subscribers to join a class action suit against the telecoms operator over a clause in the SIM card registration rules that allows the firm
PUBLIC SECTOR Appointments: Cabinet Secretary for Interior and National Administration, Kithure Kindiki, has appointed: Silas K. Sachida, Masika M. Mukuyuni, Geoffrey Wanyoike, and Moses Mucheru Hopkins M. Hoyt to be fingerprint experts. Cabinet Secretary for Lands, Public Works, Housing and Urban Development, Zachariah Njeru,
The only feasible way to get money to pay for government expenditure on the products and services that most of us need is through taxes. However, establishing an effective and fair tax system is far from easy, especially for developing nations that seek to integrate
Background The alleged Kenya port and Dubai Port World FZE (“DP World”) deal has caused an uproar among Kenyans and particularly leaders from the Kenya Kwanza coalition. The Kenya Kwanza leaders have alleged that President Uhuru Kenyatta appointed DP World, acting on behalf of the
The Covid-19 pandemic led to the sabotage of the global supply chain hence hiking of fuel prices. This in return led to the spiral effect spilling to other sectors of the economy thus pushing up the cost of living. In a statement, National Treasury CS
The good news from the Budget Statement was that fuel would be spared the proposed 10 per cent increase in Excise Duty that the Treasury has asked the National Assembly to impose on Kenyans when the Finance Bill is passed. The bad news, according to
The 2022/23 Annual National Shadow Budget by IPFK™ for Kenya is the second edition, and it is one of its kind in the country. The production of the Shadow Budget was supported by the integrated marketing firm Oxygéne Marketing and Communication Limited with the aim
Recent media revelations paint a shocking picture of vast amounts of unclaimed assets that lie idle despite Kenyans going through a tough economic season. According to the media reports, the amount of unclaimed assets currently stands at KSh 55 billion, with a paltry KSh 1
Kenya’s economy has been on a path to recovery in 2021 following the slump in 2021 occasioned by the negative effects of the Covid-19 pandemic. It is against this recovery background that Kenya’s 2022 Budget Policy Statement (BPS) is based upon. Kenya’s economy rebounded strongly
INTRODUCTION Aptly themed, this year’s Kshs. 3 Trillion budget aims to focus on economic recovery in the wake of the Covid19 Pandemic which has occasioned increased poverty and vulnerability levels across the country. In his speech, CS (Amb.) Ukur Yatani noted that the main focus
The Kenyan economy is currently facing significant challenges as a result of the COVID-19 (C19) exacerbating an already grim situation. Despite having attained a lower middle income status in 2014, Kenya has failed to adequately address institutional and structural inadequacies that have continued to hinder
KENYA NATIONAL BUDGET The current state of engagement between the state and the public on matters related to budget allocations, expenditures, and actual service delivery outcomes is mostly focused on printed and actual figures and narratives already approved for execution. There is limited engagement at
The National Treasury has finalized the Draft 2021 Budget Policy Statement for the MTEF FY 2021/22 -2023/24 budget which is available at the National Treasury website www.treasury.go.ke. and it invites comments on it.
In Kenya’s national finance cycle, the Energy, Infrastructure and ICT Sector (EII) comprises nine sub-sectors namely: Energy and Petroleum; Infrastructure; Transport; Shipping and Maritime; Housing and Urban Development; Public Works; Information Communication and Technology; Broadcasting and Telecommunications. The Sector aims at providing efficient, affordable and
The National Treasury and Planning State Department for Planning this week presented highlights of a Post-Covid 19 economic recovery strategy (ERS) including: Macroeconomic Objectives of ERS Increasing diaspora remittances and investments from Kshs.280 billion 2020 to Kshs.500 billion per year; • Increasing private sector financing
In his key note at the opening of the opening of the public Hearings on the FY 2021/22 and the medium-term Budget proposals at the Kenyatta International Convention Center on 25th November 2020, CS Ukur Yatani addressed the public on various elements of financial planning
The outbreak of the Covid-19 pandemic in 2019 has caused the most severe global economic setback. Its impact to our economy includes:
-Loss of lives
-Decline in demand of Kenya’s goods and services,
-Decline in household earnings,
-Heavy public expenditures towards health sector and social
-Decline in revenue due to subdued economic activities.
Kenya’s GDP is projected to decline to 2.5 % in 2020 compared to a growth of 5.8 % in 2019.
The Cabinet Secretary for the National Treasury and Planning has published the Public Finance Management (Credit Guarantee Scheme) Regulations, 2020. These Regulations will establish a Scheme that will be known as the Credit Guarantee Scheme. The funds of the Scheme shall consist of monies appropriated by Parliament, proceeds of the Scheme, income from investments made by the Scheme grants, donations, bequests or other gifts and monies from any other source as may be approved by the Cabinet Secretary.
The National Treasury has published the Proceeds of Crime and Anti-Money Laundering Criminal Assets Recovery Fund Administration Regulations of 2020. Criminal Assets Recovery Fund The draft Regulations are a good step in the implementation of Part XI of the Proceeds of Crime and Anti-Money Laundering
Earlier today through Executive Order number 5 of 2020 the President promulgated the new framework for the management, co-ordination and integration of public port, rail and pipeline services via the newly constituted Kenya Transport and Logistics Network (KTLN) which shall be coordinated by the Industrial