Cabinet assents to Finance Bill, legal notices

By PPS

Kenya: A Cabinet meeting chaired by President Uhuru Kenyatta has approved the Finance Bill 2013 under which are eight Bills scheduled to be presented to Parliament.

Approved Bills include VAT Act Repeal Bill, the CMA (Amendment) Bill, the Insurance (Amendment) Bill 2013, the Microfinance (Amendment Bill) 2013, the Tax Appeals Tribunal Bill 2013, the Kenya Deposit Insurance Act (Amendment) Bill, 2013 and the Insurance (Motor Vehicle Third Party) Amendment Bill 2013.

The Insurance (Amendment) Bill 2013 seeks to deepen the penetration of insurance, where banks will be allowed to operate as insurance agents.  The Bill will also ensure implementation of the requirements of the East African Community common market protocol in order to open up business opportunities to East Africans.

The Microfinance (Amendment Bill) 2013 will give powers to the Central Bank to promptly move into a troubled microfinance institution to forestall the deepening of a financial crisis.

The Tax Appeals Tribunal Bill 2013 seeks to streamline the tax dispute resolution framework by simplifying the process. An appeals tribunal will be created to replace the quasi-judicial dispute resolution bodies.

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The Kenya Deposit Insurance Act (Amendment) Bill targets to strengthen the regulatory framework of the Kenya Deposit Insurance Corporation. Once enacted, the law will enhance protection of deposits and savings through a strong mandate and corporate governance.

The Insurance (Motor Vehicle Third Party Risks) Amendment Bill 2013 seeks to amend the insurance (Motor Vehicle Third Party Risks) Act.  The law will provide for a structured Compensation Liability Schedule. This will enable compensation of people in the event of death or injuries.

The Cabinet also approved a number of legal notices aimed at operationalising futures, derivatives and asset-backed securities markets.

The legal notices also aim at introducing new investment vehicles and products such as real estate investment trusts as well as the prosecution of market manipulation offenders.