BREAKING: President Ruto Rejects Finance Bill 2024, Sends It Back to Parliament with Major Amendments!

President William Ruto has declined to sign the Finance Bill, 2024, sending it back to Parliament for reconsideration before their recess today. State House sources revealed that the President has proposed a series of amendments that MPs will need to deliberate on.

The Finance Bill, which includes contentious tax proposals such as a 16% VAT on bread, excise duty on vegetable oil, and a 2.5% motor vehicle tax, has faced significant public backlash. Despite initial approval from the National Assembly, Ruto’s decision reflects the widespread dissatisfaction and protests that have resulted in loss of life and property damage.

Ruto commended the MPs who supported the bill, acknowledging their efforts to incorporate public feedback and make concessions, including removing VAT on locally manufactured diapers and sanitary pads, and reducing the proposed motor circulation tax. However, he emphasized the need for further adjustments to address public concerns.

Should Parliament amend the bill to fully accommodate the President’s reservations, it will be resubmitted for his assent. If the MPs choose not to amend the bill or make partial amendments, they will need a two-thirds majority to pass it again.

With Parliament set to recess until July 23, the Speaker may need to recall MPs to address the President’s proposed changes. Ruto emphasized the importance of engaging with the youth and other stakeholders to find a way forward, proposing a multi-sectoral engagement within the next 14 days.

In his statement, Ruto expressed condolences to the families of those who lost their lives during the protests and reiterated his commitment to addressing the concerns of the Kenyan people.

Stay tuned for updates on this developing story

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