ICPAK Submission on Finance Bill 2024
The Finance Bill, 2024, proposes measures the Government intends to utilize in raising additional revenues to finance the FY 2024/2025 Budget estimates. These measures target to raise an additional Kshs. 302 billion in funding the Kshs. 4.2Trillion proposed budget. Total revenue is targeted to increase by 16.2% to Kshs 3.4 Trillion in FY’2024/25 up from Kshs 2.9 Trillion in FY’2023/24. This target is poised to Increase Revenue to GDP from 16.2% of GDP to 18.6% of the GDP in line with the objectives under the MediumTerm Revenue Strategy and in support of the Government’s economic blueprint embedded in the Bottom-Up-Economic Transformation Agenda (BETA). The Institute is in support of this objective and appreciates the consideration of a number of administrative amendments deliberated between the Institute, the National Treasury and the Kenya Revenue Authority, some of which are reflected in the Finance Bill, 2024.
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