The National Treasury is seeking public input on reforms to address debt, counties cash crisis and in general foster inclusive economic growth in the country, in one of the first major moves since the appointment of Cabinet Secretary John Mbadi.
Part of the views CS John Mbadi led ministry is seeking from the public is to address cash crisis in counties in case the Division of Revenue bill and County Allocation of Revenue bill are not enacted on time (by 30th June).The public is also required, before 4th October 2024, to submit their views on necessary reforms to enhance tax administration and compliance so as to ensure each taxpayer pay the rightful share of tax through reducing tax evasion and avoidance.To cut down on expenditure from the revenue collected, CS Mbadi is seeking views on how to rationalize tax expenditures that would erode government’s income that would have otherwise be used for implementation of projects that improve welfare of all Kenyans.The views are also expected to capture legislation measures deemed fit to ensure equity and fairness in taxation and provide tax amnesty where justified.
Views on legislative reforms essential for improving social and economic well-being of all Kenyans taking into account the current debt situation and the need for sustainable public debt position without putting more burden on Kenyans is also sought by Treasury.
“The proposals received in these areas will inform reforms to be undertaken in revenue administration and review of legislations by my ministry to foster inclusive economic growth for the welfare of all Kenyans for submission to Parliament,” Mbadi said.
CS John Mbadi Forms Committee to Oversee Switch to Accrual Basis of Accounting – Kenyan Wall Street – Business, Markets & Finance Insights
