The Finance Bill 2024 in Kenya has stirred significant debate and concern across various sectors of society. major points of content are to include new taxes and the expansion of the tax base, which are aimed at ‘increasing government revenue’.
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The Bill is undergoing public participation and, following then conclusion of the law-making process, However, the bill is meeting a significant opposition from the people due to the potential economic and social impacts it holds.
A number of people from different sectors have voiced their concerns on how the bill will negatively affect the state of the nation. Some people argue that the bill contradicts promises made in the Kenya Kwanza manifesto to lower living costs and promote inclusivity. The Kenya Bankers Association(KBA) also warns that higher transaction costs could drive financial activities into the informal sector, potentially destabilizing the economy.
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Despite the proposals and objections raised by certain Kenyans regarding the Finance Bill 2024, Kenyans have their doubt that those objections may not necessarily impact the Bill’s passage or the content of the bill as it stands, and may not even be considered whatsoever. In other words, the bill may proceed unchanged regardless of the objections or proposals made by certain individuals or groups.
People cannot help but worry about 80% of Members of Parliament who are expected to vote for the Finance bill, being bought to support the bill therefore the possibility of Kenyan views to be considered is not withstanding. However, Kenyans online continue to hold campaigns calling the MPs to rejecting the finance bill 2024.
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