The nation is gripped with anticipation as the Finance Bill 2024 stirs intense debates in the National Assembly and ignites protests in the streets.
The bill, which proposes significant new tax measures, is poised to have a profound impact on the socio-economic landscape of the country.
Supporters of the bill, including the government and some minority factions, argue that these tax measures are essential for addressing the country’s budget constraints and bolstering macroeconomic stability.
Conversely, critics contend that the proposed taxes are harsh and will disproportionately affect the most vulnerable populations.
Here is a breakdown of the steps the Finance Bill, or any bill from the National Assembly, must go through before becoming law:
First Reading
The Finance Bill 2024 has already passed its First Reading in the National Assembly, where it was introduced and subsequently referred to the Finance and National Planning Committee, chaired by Molo MP Kuria Kimani.
The committee then conducted a public participation exercise, gathering input from various stakeholders, and compiled a report incorporating these public views.
Committee Tables Report on Bill
On Tuesday, June 18, the Departmental Committee on Finance and National Planning presented its report on the Finance Bill 2024 to the National Assembly.
Second Reading
The debate on the committee’s report began on Wednesday, June 19, and is set to conclude today, Thursday, June 20.
MPs will vote on whether the bill should advance to the Third Reading, known as the Committee of the Whole House stage.
Third Reading
The Finance Bill is scheduled for presentation before the whole House on Tuesday, June 25, 2024.
During this stage, amendments to the bill will be proposed, and the House will vote on each clause.
Following this, a third reading will be conducted, and the House will take a final vote on whether to approve or reject the bill.
If there are any disagreements on the bill or its amendments, it will be sent to a mediation committee to develop a compromise version for the House to consider and vote on.
Presidential Action
After the National Assembly votes, the bill will be submitted to the President, who will have 14 days to either sign it into law or return it to the National Assembly with recommendations.
If the President sends the bill back, the National Assembly can either accept the President’s recommendations or override them with a two-thirds majority vote.
“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.”
With each step critical in determining the bill’s future, the nation watches closely as its leaders navigate this contentious legislative process.
