The Kenya Finance Act 2017 was assented to by the President on 21st June 2017 after being passed by the National Assembly, with some amendments made to the Finance Bill 2017, which was tabled in the National Assembly by the CS (Cabinet Secretary) for the National Treasury in March 2017. This year, the budget was read two months early because Parliament had to be dissolved at least 60 days before the General Elections slated for August 8th 2017.
The Kenya Finance Bill is a proposed statute introduced every year in the National Assembly immediately after the presentation of the Budget Statement by the Treasury CS, to give effect to the financial proposals of the Government for its upcoming fiscal year. When the proposals are introduced to Parliament, it is called a Finance Bill. Once the Bill is passed by Parliament and assented to by the President, the Finance Bill becomes the Finance Act for that year and made law. It is through the Finance Act that amendments are made to the various Tax Acts like the Income Tax Act, VAT Act etc.
Some measures not initially included in the Finance Bill 2017l have now been added in the Act, while others have been removed.
Below are some of the amendments to the Income Tax Act (“ITA”), the Excise Duty Act 2015 (“Excise Act”), Value Added Tax 2013 (“VAT Act”), the Tax Procedures Act 2015 (“TPA”) & various other Acts, the dates they become effective and our views.
Download the A&A Kenya Finance Act 2017 Update