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{
"id": 1590408,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1590408/?format=api",
"text_counter": 338,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "The decision by the Committee on the Finance Bill, 2025 is anchored on a well- established framework and past legislative measures. Since the enactment of the Finance Act, 2023, the Committee has operated under a consistent set of guiding principles and policies that have shaped its review of various tax measures, including the Finance Bill, 2024, The Tax Laws (Amendment) Act, 2024, The Business Laws (Amendment) Act, 2024, The Tax Procedures (Amendment) Act, 2024, The National Tax Policy as an overarching framework, together with the Medium-Term Revenue Strategy, which has been very central to these efforts. These policies aim to ensure predictability and sustainability within the tax system, thereby, fostering a more conducive environment for business. Since the enactment of the Finance Act, 2024, this House has approved a series of tax measures aimed at achieving specific revenue targets that support fiscal sustainability. The Finance Act, 2022 had a projected revenue of Ksh22 billion, The Finance Act, 2023 had a projected revenue of Ksh211 billion, whereas the Finance Bill, 2024 had intentions of raising Ksh344 billion. The Tax Laws (Amendment) Act, 2024 projected revenue of Ksh49 billion, but the Finance Bill, 2024 only projects revenue of Ksh24 billion. Therefore, through the rationalisation of tax incentives, improved compliance and ongoing legislative reforms, the Government projects to generate an additional Ksh24 billion in revenue for the 2025/2026 Financial Year, underscoring the commitment to building a fair, transparent and efficient tax system. After reviewing the Finance Bill, 2025, the Committee proposed a series of amendments aimed at enhancing the efficiency of the country's tax framework. In its deliberations, the Committee carefully considered stakeholders' submissions, along with the strategic guidance provided by the Medium-Term Revenue Strategy and the National Tax Policy. Further, the Pigouvian Tax Principle, one of the works of the great British economist Arthur Cecil Pigou, is also reflected in this Bill. Measures such as maintaining tax exemption for renewable energy products and electric mobility companies correct negative externalities. 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."
}