This archive report was first published on 30 June 2021.
On June 29, President Uhuru Kenyatta signed into law four key Parliamentary Bills, marking a significant milestone in Kenya's public finance sector.
The bills include the Appropriation Bill, 2021, Second Supplementary Appropriation Act, 2021, County Allocation of Revenue Act, and Finance Bill, 2021.
According to the Appropriation Act, 2021, the Consolidated Fund will issue funds in furtherance of the Budget for the Financial Year 2021/2022, facilitating expenditure of Sh1.9 trillion for the National Executive, Parliament, and the Judiciary.
The gross total budget comprises Sh1.2 trillion for recurrent expenditure and Sh668.37 billion for development expenditure.
The Second Supplementary Appropriation of FY 2020/2021 achieves a net reduction of Sh8.17 billion, with a reduction of Sh16.65 billion for recurrent expenditure and an increment of Sh8.48 billion for development expenditure.
The Finance Act, 2021 introduces amendments to various tax-related Acts of Parliament, including the Insurance Act, the Capital Markets Act, the Retirement Benefits Act, the Central Depositories Act, and the Stamp Duty Act.
State House Spokesperson Kanze Dena stated that the legislative interventions will boost the ease of doing business, facilitate revenue collection, and support effective service delivery and programme implementation.
“The legislative interventions as set out in the Financial Year 2020/2021 National Budget are also expected to boost the ease of doing business for enterprises both large and small, facilitate expeditious and enhanced revenue collection, and support more effective service delivery and expedited implementation of programmes that continue to make a difference in the lives of all Kenyans,” she said.
