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{
    "id": 1077262,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1077262/?format=api",
    "text_counter": 122,
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    "content": "The Government has also developed and approved the Sovereign Green Bond Framework and identified a portfolio of projects for consideration under the framework. It is prepared to issue the first Sovereign Green Bond to raise capital to finance green projects under the economic recovery strategy. Hon. Speaker, as part of Ease of Doing Business Reforms to facilitate trade, we have finalised the development of Maritime Single Window System under the TradeNet System. This will provide a harmonised and simplified ship to shore clearance procedures to maritime stakeholders. The Maritime Single Window 48 System will allow shipping agents in Kenya to electronically submit vessel pre-arrival and pre-departure declarations to Government Agencies. The Maritime Single Window System is expected to replace the current system that is manual, decentralised, with unnecessary lengthy processes that affect the ship turnaround time and increase costs at the Port of Mombasa. I am pleased to note that this Maritime Single Window System went live on 2nd June 2021. The fiscal policy supporting the Financial Year 2021/2022 and the medium-term budget is designed to support economic recovery and reduce fiscal deficit. The policy aims to mobilise revenues through the on-going reforms in tax policy and administration. On the expenditure side, the focus will be to rationalise non-priority expenditures from the budget and align the resources to the Big Four Agenda and the Economic Recovery Strategy. The execution of the Budget for Financial Year 2020/2021 has progressed well albeit with revenue under-performance and elevated expenditures associated with the adverse impact of the COVID-19 Pandemic. The shortfalls in revenues reflect weaker business environment and the impact of containment measures adopted in March 2020 following the outbreak of the Pandemic. The Government then responded to the Pandemic by, among others, implementing tax relief measures in April 2020. These measures resulted in reduced collection of revenues adversely impacting the implementation of the budget. Arising from this, the Government, in January 2021, made reversal of some of the relief measures resulting in improvement in revenue collection. However, in March 2021, containment measures were re-introduced as a result of the third wave of the COVID-19. These measures lasted for only one month. Hon. Speaker, we remain committed to reducing the level of tax exemptions to create parity of treatment, while also raising more revenues to fund social programmes and reducing the fiscal deficit. In this budget, I will be proposing selected measures to expand the revenue base. Our tax policies are spread across various tax statutes which are amended every year during the budget process, thus creating uncertainty in tax legislation. In this regard, I have initiated a process of developing a National Tax Policy Framework that will not only enhance administrative efficiency of the tax system, but provide consistency and certainty in tax legislation and management of tax expenditure. A draft National Tax Policy is now ready and will be shared with stakeholders and members of the public in line with the dictates of our Constitution, before forwarding to this House for consideration and approval. Hon. Speaker, total revenue including Appropriations-in-Aid and grants for the Financial Year 2021/2022 Budget is projected at Kshs2.1 trillion, equivalent to 17 per cent of GDP. Of this, The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}