Inside the 5-Step Journey of the Hotly Debated Finance Bill
From a fiery debate in the National Assembly to dramatic protests on the streets, the country is on tenterhooks; all thanks to the Finance Bill 2024.
All eyes are on the President and Members of Parliament who will determine the fate of the highly unpopular Finance Bill 2024 which proposes a raft of new tax measures that will greatly impact the socio-economic well-being of the citizens.
The government and minority who support the Bill argue that the revenue generation proposals in the Finance Bill are critical in addressing the country’s budget constraints and enhancing the nation’s macroeconomic stability.
On the other hand, critics believe the proposed tax measures are punitive and will only make life harder especially for the most vulnerable in society.
As debate rages on, here is what you need to know about the timelines the Finance Bill or any Bill originating from the National Assembly goes through before becoming law.
FIRST READING
In the case of the current Finance Bill, the proposed law already underwent the First Reading when it was introduced on the floor of the National Assembly before it was referred to the relevant departmental committee, this being the Finance and National Planning Committee, National Assembly.
The Finance Committee-led by Molo MP Kuria Kimani then studied the Bill and embarked on a public participation exercise, inviting views from various stakeholders.
After conducting public participation, the committee retreated to compile a report on the Finance Bill incorporating the public reviews.
COMMITTEE TABLES REPORT ON BILL
The Report of the Departmental Committee on Finance and National Planning on its Consideration of the Finance Bill 2024 was presented in the National Assembly on Tuesday, June 18.
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SECOND READING
Debate on the committee’s report kicked off on Wednesday, June 19, and is expected to conclude today (Thursday, June 20) when MPs will vote on whether to have it proceed to the Third Reading known as the Committee of the Whole House stage.
THIRD READING
The Finance Bill is expected to be presented before the whole House on Tuesday, June 25, 2024.
At this stage, the amendments in the Bill will be moved and the whole House will take a vote on each of the clauses.
A third reading of the Bill will then be made and the House will take a final vote on whether to approve or reject the Bill.
In case of any disagreements on the Bill or any of the proposed amendments, it will be referred to a mediation committee which will seek to develop a version of the Bill that the House will consider and vote.
The House would then debate on the Mediation Version of the Bill and take a vote.
PRESIDENTIAL ACTION
After voting by the National Assembly, the Bill will be submitted to the President who will have 14 days to sign it into law as approved in the Assembly or refer it back to the National Assembly with recommendations.
In case the President refers the Bill back to Parliament, the National Assembly will either accept and fully accommodate the Head of State’s reservations or amend and override the President through a two-thirds vote.
The Bill then becomes law
Inside the 5-Step Journey of the Hotly Debated Finance Bill
