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President Uhuru Kenyatta signs into law four Parliamentary Bills

NEWS
By Sara Okuoro | June 30th 2021

The Appropriation Act, 2021 authorises the issuance of funds from the Consolidated Fund. [PSCU]

President Uhuru has signed into law the Appropriation Bill, 2021, Second Supplementary Appropriation Act, 2021, County Allocation of Revenue Act and Finance Bill, 2021.

The President yesterday (June 29) set his hand and seal the four Parliamentary Bills.

The Appropriation Act, 2021 authorises the issuance of funds from the Consolidated Fund in furtherance of the Budget for the Financial Year 2021/2022.

It also facilitates expenditure of the gross total budget of Sh1.9 trillion for the National Executive, Parliament, and the Judiciary, which comprises a total of Sh1.2 trillion for recurrent expenditure and a total of Sh668.37 billion for development expenditure.

The Second Supplementary Appropriation of FY 2020/2021 achieves a net reduction of Sh8.17 billion; which comprises 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 as well as other related statutes in the public finance sector; including the Insurance Act, the Capital Markets Act, the Retirement Benefits Act, the Central Depositories Act, and the Stamp Duty Act.

The Government says that following the assent, Kenya’s public finance sector should be on a stronger foundation to spur economic growth, fund critical development projects within the Big Four Agenda and other seminal initiatives.

“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,” read a statement from the State House Spokesperson, Kanze Dena. 

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