President William Ruto has finally signed the controversial Finance Bill 2023 into law. The signing was done at Statehouse Nairobi on Monday morning calls from different quarters to have him return it back to the National Assembly.
Given that the Finance Bill 2023 was President William Ruto’s brainchild, it was highly unlikely that he would listen to the wailing of the majority of Kenyans and reject the Bill. It is now Law and the only hope that Kenyans might have is in the courts.
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The signing of the Bill into law comes a day before a planned meeting at Kamukunji Grounds by the Azimio La Umoja Kenya Alliance led by Raila Odinga and Martha Karua. Azimio says they will discuss the cost of living and the law in detail with Wananchi.
Among the contents of the law is the Housing Levy which was revised from 3 percent to 1.5 percent. The 1.5 percent will be deducted from the basic salary of working Kenyans “to build houses for the homeless” according to President William Ruto. This amount is non-refundable.
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The law also contains a 16 percent Value Added Tax (VAT) on all petroleum products. The current VAT is at 8 percent. With the law coming in place, it is estimated that a liter of super petrol will rise by at least 12 shillings, a move that will increase the cost of living for Kenyans.
The law also contains a 5 percent Withholding Tax for Kenyan content creators. The tax had been proposed at 15 percent but was brought down after protests from content creators and a section of Kenyans. Kenyans are likely to start feeling the heat of the law from July 15, 2023, when EPRA will make their new review for fuel prices.
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