In a letter to the National Assembly, Treasury Cabinet Secretary Prof. Njuguna Ndung’u warned that it will resort to instituting budget cuts in several areas should Members of Parliament choose to exact changes to the Finance Bill 2024 as initially drafted.
From the letter, the Treasury wants the Bill approved un-amended.
“If the revenue raising measures contained in the Finance Bill 2024 are not approved by the National Assembly, there will be a likely revenue shortfall of approximately KSh.200 billion,” he said in the letter
Already the National Assembly Committee on Finance has recommended changes to the bill which include the removal of 16 percent VAT on bread and the VAT on the transportation of sugar. VAT on financial services and foreign exchange transactions have also been recommended for removal just like the 2.5 percent Motor Vehicle Tax and the excise duty on vegetable oil.
Were MPs to proceed, Prof Ndung’u said the Treasury will among other things, cut general expenditure across the three arms of Government, reverse the proposed additions in the Appropriations Bill for FY2024/25 across all the Ministries Departments and Agencies, as well as reverse all additional new budget lines in the Appropriations Bill for FY 2024/25.
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