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{
    "id": 1156035,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1156035/?format=api",
    "text_counter": 150,
    "type": "speech",
    "speaker_name": "Amb. Ukur Yatani",
    "speaker_title": "The Cabinet Secretary, National Treasury and Planning",
    "speaker": null,
    "content": "degradation that has contributed to the rising lakes phenomenon. In this regard, I propose to allocate Kshs10.2 billion to support conservation of forests and water towers. In order to encourage reporting and recovery of identified assets by the Unclaimed Financial 44 Assets Authority, I propose to amend the Unclaimed Financial Assets Act to provide for waiver of penalties, fines and audit fees in justifiable circumstances as well as to cap accumulation of penalties and interests to the value of the asset. I also propose a 12-month Voluntary Disclosure Program to grant relief of penalties on the unclaimed financial assets declared and delivered in the next 12 months under the program. Article 173 of our Constitution established a Judiciary Fund which will be administered by the Chief Registrar in meeting the administrative expenses of the Judiciary. In this respect, the necessary procedures for the operationalisation of the Fund have been put in place. In particular, the following have so far been achieved; one, the Judiciary Fund Act and Regulations have been enacted; two, the bank accounts for the Fund have been opened at the Central Bank of Kenya; three, an appropriate budget for the Judiciary in the Financial Year 2022/23 has been created; and four, IFMIS has been enhanced to accommodate the Judiciary Fund operations. This Fund will be fully operational with effect from 1st July 2022. The fiscal policy supporting the budget for the Financial Year 2022/23 and also the medium-term is designed to accelerate economic recovery for improved livelihoods for Kenyans. As mentioned earlier, one of the objectives of our economic recovery programme is to reduce debt vulnerabilities by pursuing a revenue-driven fiscal consolidation. In this regard, the Government has developed a draft National Tax Policy to guide tax administration that will soon be shared with stakeholders and peer review institutions for inputs. Further, the Government is developing a Medium-Term Revenue Strategy to boost tax revenues, improve the tax system and link taxation to our development needs over the medium term. In addition, the Government will continue to rationalise tax expenditures and retain those whose intention is to promote investments and ensure sustainability and value for money from our resources. In the Tax Expenditure Report for 2021, we noted a significant decline in the level of tax expenditure from 5.17 per cent of GDP in 2017 to 2.96 per cent as a percent of GDP in 2020. We shall continue to review the existing tax expenditure in order to boost the tax revenue. We project total revenue collection including Appropriation-in-Aid and grants for the FY 2022/23 Budget to be Kshs2.4 trillion equivalents to 17.5 per cent of the GDP. Of this, ordinary revenue is projected at Kshs2.14 trillion equivalent to 15.3 per cent of the GDP On the other hand, Hon. Speaker, total expenditure in the FY 2022/23 is projected at Kshs3.3 trillion equivalent to 23.9 per cent of the GDP. Recurrent expenditures will amount to Kshs2.2 trillion while development expenditures including allocations to foreign financed projects, Contingency Fund and conditional transfers to county governments is Kshs715.5 billion. This funding is expected to accelerate completion of ongoing infrastructure projects. The equitable share to counties is projected at Kshs370 billion. Given the projected revenues and grants against the projected expenditures, the fiscal deficit is projected to decline to Kshs862.5 billion equivalent to 6.2 per cent of the GDP in the Financial Year 2022/23 from Kshs1,024.3 billion equivalent to 8.1 per cent of the GDP in the FY 2021/22. The fiscal deficit will be financed through net external financing of Kshs280.7 billion equivalent to 2 percent of the GDP and net domestic financing of Kshs581.7 billion equivalent to 4.2 percent of the GDP. 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."
}