The Cabinet Secretary for the National Treasury Ambassador Ukur Yatani arrived in Parliament for the presentation of the Budget Highlights for the Financial Year 2021/2022.
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He was received by the Leader of the Majority Party, the Hon. (Dr.) Amos Kimunya, the Leader of the Minority Party, the Hon. John Mbadi, the Chairperson of the Budget and Appropriations Committee, the Hon. Kanini Kega, the Clerk of the National Assembly, Mr. Michael Sialai among other leaders in the National Assembly.
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There have been suggestions that the country’s debt cap be raised to Ksh12 million to provide the government more leeway in borrowing money to fund development projects.
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Furthermore, there are questions regarding how the additional funds would be raised in light of the government’s rising debt and tax deficiencies.
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Kenyans are hopeful that this year’s budget will be centered on the needs of the people.
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The National Treasury is proposing to levy a tax on some formerly zero-rated products, such as bread and cooking gas, in order to boost revenue collections.
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Commercial banks would also be responsible for paying VAT on loan loss provisions. The National Treasury has also proposed imposing a 15% excise levy on motorcycles.
