President Kenyatta assents four Parliamentary Bills into law
His Excellency President Uhuru Kenyatta has assented four Parliamentary Bills in accordance with the article Article 115(1)(a) of the Constitution.
According to a press statement, the State House said that the President signed the bills into laws on June 29, 2021.
The bills include the Appropriation Bill 2021, the Second Supplementary Appropriation Act 2021, the County Allocation of Revenue Act, and the Finance Bill 2021.
“The Appropriation Act 2021 authorises the issuance of funds from the Consolidated Fund in furtherance of the budget for the Financial Year 2021/2022,” read part of the statement.
Additionally, the Act facilitates the expenditure of the gross total budget of Sh1.9 trillion for the Executive, Parliament, and the Judiciary, which comprises a total of Sh1.2 trillion for recurrent expenditure Sh668 billion for development expenditure.
The second bill is, the Second Supplementary Appropriation Act achieves a net reduction of Sh8.1 billion, which comprises a reduction of Sh16.6 billion for recurrent expenditure and an increment of Sh84 billion for development expenditure.
“The Financial Act of 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 Retirements Benefits Act, the Central Depositories Act, and the Stamp Duty Act,” stated the statement.
The bill assent is to anchor the Financial Year 2021/2022 budget, Kenya’s public finance sector 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 businesses for enterprises both large and small, facilitate expeditious and enhanced revenue collection and support more efective service delivery and expedited implementation of programmes that continue to make a differences in the lives of all Kenyans,” stated the statement.
