7 Key Bills Ruto Signed Into Law This Wednesday
President William Ruto approved seven Amendment Bills on Wednesday morning, addressing key areas such as taxation, development, and statutory regulations.
The signing event, held at State House, Nairobi, was attended by notable leaders, including Prime Cabinet Secretary Musalia Mudavadi, Treasury CS Mbadi, National Assembly Speaker Moses Wetang’ula, Attorney-General Dorcas Oduor, and several MPs led by Majority Leader Kimani Ichung’wah.
Tax Laws (Amendment) Bill, 2024
Spearheaded by Majority Leader Kimani Ichung’wah, this bill aligns Kenya’s tax framework with international standards while easing burdens on employees, retirees, and businesses. It introduces deductions for post-retirement medical fund contributions and the Affordable Housing Levy, reduces double taxation, and increases the mortgage interest deduction cap from Sh300,000 to Sh360,000 to promote homeownership. Additionally, it imposes an economic presence tax on non-residents and a minimum top-up tax for multinational corporations to ensure equitable contributions to the Kenyan economy.
Tax Procedures (Amendment) Bill, 2024
This bill revises the Tax Procedures Act to streamline compliance for small businesses and clarify requirements for electronic tax invoices. It mandates invoices to include critical details such as supplier and purchaser information, serial numbers, and issuance and supply dates, simplifying tax processes and incentivizing the construction sector.
Business Laws (Amendment) Bill, 2024
The amendments enhance financial stability, safeguard depositors, and strengthen the integrity of financial services. The bill facilitates business operations by requiring mandatory accreditation for conformity assessment institutions and enables streamlined investment processes in special economic zones through centralized application submissions.
Statutory Instruments (Amendment) Bill, 2023
This bill enforces accountability in regulatory procedures by requiring Cabinet Secretaries to declare nullified statutory instruments in the Gazette if submission to Parliament is neglected. It also empowers Parliament to publicize such nullities online and in newspapers, while increasing fines for statutory violations from Sh20,000 to Sh1 million.
Ethics and Anti-Corruption Commission (Amendment) Bill, 2024
The bill incorporates public recommendations on governance and updates qualifications for the EACC chairperson, requiring the appointee to meet the criteria for a High Court judge. This aims to ensure strong leadership and strategic oversight within the commission.
Kenya Roads Board (Amendment) Bill, 2024
The bill reduces the Kenya Roads Board membership from eight to five and replaces the term “Minister” with “Cabinet Secretary” to align with constitutional definitions.
Kenya Revenue Authority (Amendment) Bill, 2024
This bill permits the Commissioner-General to appoint deputy commissioners, subject to Board approval and allows the Treasury CS to waive penalties for agents failing to transfer funds due to unintentional errors. It also enhances KRA’s collaboration with educational institutions like KESRA to optimize tax collection and administration processes.
7 Key Bills Ruto Signed Into Law This Wednesday
