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8/21/2019 Budget Highlights 2015-2016- The Mwananchi Guide
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Sources of the KSh 1,358.0 billion Total Revenues
K S h 2 ,2 3 4 . 0 b n
Domestic DebtRoll Over
Ksh 174.9 bn
KSh 73.4 bn
KSh 1,358.0 bn
KSh 222.5 bn
Ksh 283.7 bn
Revenues
Grants
Foreign Borrowing
Domestic Borrowing
Overall Budget Financing
Where are some of your taxes going?
Investing in Security KSh 241.8 billion
For Military, Police and Prisons service
Education
KSh 335.7billion
university education, TSC, and the laptop program
Preventive and Curative Health KSh 59.2 billion
Includes free maternity health and leasing of medical equipment
Social Safety Nets
KSh 31.5billionSocial Protection, Culture and Recreation
KSh 404.7billion
Energy, Road, Ports, Standard Gauge Railway and Airports
Infrastructure
Agricultural Development
KSh 79.7billionOn-going Irrigation projects, Fisheries Launch and Livestock
Tourism Recovery
KSh 5.2billion
For Tourism recovery
County Government
KSh 287.0billion
Shareable to all the 47 Counties
CDF KSh 35.2billion
Shareable to all the 290 Constituencies
P R I O R I T Y A R E A S F
O R 2
0 1 5 / 1 6
KSh 335.7billion
university education, TSC, and the laptop program
KSh 336.3 billionIncludes free primary and secondary education, school feeding program,
university education, TSC, and the laptop program
June 2015
ENHANCING ECONOMIC TRANSFORMATION FOR A SHARED PROSPERITY
BUDGET
HIGHLIGHTS
15/16
The “Mwananchi” Guide
Dr. Kamau Thugge, PS,National Treasury
Mr. Henry K. Rotich, CS,National Treasury
1
THE NATIO NAL TREASURY
In the Budget Year 2015/16 the Governmentwill spend KSh 2,234.0 bn to finance prioritydevelopment programs. Out of thisamount
KSh 784.2 bn will be on ministerialrecurrent expenditure
KSh 721.3 bn will be on development
expenditure Other Expenditure includes:
KSh 287.0 bn for county transfers
KSh 27.3bn for parliament
KSh 17.2 bn for judiciar y
KSh 441.5 bn for Consolidate FundService (CFS)
KSh 121.5 bn
Others
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FRAMEWORK FOR THE BUDGET
ENHANCED SECURITY FOR INVESTMENT, GROWTH AND EMPLOYMENT
The president overseeing the hand over of the first phase of the
THE FIVE PILLAR ECONOMIC TRANSFORMATION AGENDA
i) Creating a conducive business environment;ii) Investing in agricultural transformation and food security;iii) Investing in first-class transport and logistics;iv) Investing in quality and accessible healthcare services and quality
education as well as strengthening the social safety net to reducethe burden on the households; and
v) Supporting devolution for better service delivery and enhancedeconomic development.
The President and his Deputy test- drive one of the newly leasedpolice vehicles at Uhuru Park on November 7, 2013. The pro-posed leasing of additional 800 vehicles in 2015/16 will help thepolice enhance security of the citizens.
The President launches the Civil Servants and Dis-ciplined Services Medical Insurance Scheme En-
hanced Benefits at Wilson Airport on January 14,2015. KSh 1.7 bn has been allocated for PoliceMedical Insurance
Hughes MD500 Defender of the Kenya Army Air Cavalry –
doing niche work. KSh 25 bn
has been allocated for security modernization
Modernizing Security (Military
& Police)
- KSh 25 bn
Leasing of Police/Prisons Vehicles - KSh 7.7 bn
Police Medical Insurance - KSh 1.7 bn
Police/APs Housing - KSh 1.3 bn
Anti-Poaching - KSh 1.4 bn
AMISOM/Peace Keeping Missions - KSh 6.4 bn
POLICE AND MILITARY MODERNIZATION
2
THE NATIO NAL TREASURY
BUDGET HIGHLIGHTS 15/16
The “Mwananchi” Guide
cctv installation on May 23, 2015.
This 2015/16 budget is prepared against a backdrop in which;
Accelerate economic growth of between 6% and 7% in 2015 and7% in the medium term, supported by conducive business climateand investment in energy, transport, and agriculture.
Stable inflation within single digit with upper limit target of 7.5%
in 2015/16. A budget deficit of 8.7% of GDP in 2015/16, declining to 4.0% in
the medium term.
Public debt to GDP ratio of 46.1% at the end of June 2015 to de-cline to 43.3% in 2017/18.
Tax revenue for 2015/16 expected to be KSh 1,358.0 billion upfrom KSh 1,170.5 billion in 2014/15.
National government expenditure on travel, hospitality, advertise-
ment, transfers to semi-autonomous agencies, and other administra-tive payments to decline as share of spending.
KSh 1.3 bn has been allocated for Policehousing to improve their welfare
Security is necessary for encouraging investment, accelerating economic
growth and creating more jobs for our youth. As such security remains a pri-
ority. In the FY 2015/16, KSh 241.8 billion has been set aside for the security
sector to modernize both the Military and the Police.
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STRUCTURAL REFORMS TO FACILITATE BUSINESS AND EMPLOYMENT GROWTH
Parastatal Reforms Progress
Code of governance (dubbed Mwongozolaunched in January 2015) is expected to
strengthen governance across all State Corpora-tions . To realize the reforms in a timely and afforda-ble manner , the Parastata l Reforms Imple-mentation Committee has outlined the followingactivities;
Fast tracking of enactment of the Govern-ment Owned Entities Bill, 2015
Fast tracking of enactment of the NationalSovereign Wealth Fund Bill, 2015
Fast tracking enactment of all the other ena-bling legislations
Capacity building of Boards on the Code ofGovernance;Mwongozo provisions
IFMIS e-Procurement (Procure-to-Pay)
In this Financial Year, the government willroll out to parastatals and the County Govern-ments e-Procurement by making operationalthe Procure-to-Pay module of the Integrated
Financial Management System (IFMIS).KSh1.8 billion has been allocated for the roll outof IFMIS
H.E President Uhuru Kenyatta, during thelaunch of IFMIS e-procurement on May 20,2015
Digital Government Payment through e-citizen
Services offered include:
Passport application
Business registrationand name search
Provisional DrivingLicense
Driving Test Booking
Interim Driving License
Driving License Re-newal
Official search in theMinistry of Lands
Birth Certificate andDeath Certificate
Make fully operational, by June 2015,the declaration module under the SingleWindow to provide one-stop-shop forfaster import clearance of cargo.
Enactment of the simpler and modernExcise Duty Bill and a Tax ProceduresBill.
Roll -out and Operationalize the Treasury
Single Account and an institutionalframework for effective cash- flow man-
agement
Develop and enforce cost benchmarksfor all projects and consumables to as-sure value for money
Nairobi International Financial Centre
Authority to be made fully operational in2015
Other Structural Reforms Include
Huduma Centres
The government will expand the one- stop publicservice centres (Huduma Centres) to reach all
counties.
GPO-Nairobi Huduma Centre
3
THE NATIO NAL TREASURY
BUDGET
HIGHLIGHTS 15/16The “Mwananchi” Guide
We program to digitize at least 100 inbound payment ser-vice transactions by end of 2015 in order to hasten servicedelivery, reduce transaction cost and safeguard revenue
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Y
IMPROVING THE ECONOMY BY PROMOTING TOURISM AND INDUSTRIALIZATION
EASING THE COST OF LIVING BY ENSURING FOOD SECURITY
The Galana Kulalu Irrigation Project whoseobjectives are to enhance food security, reducepoverty levels and create employment imple-mentation progress is on track.
First crop harvetsfrom Galanna expected fromJuly 2015. Ksh 13.8 billion for ongoing irriga-tion countrywide of which Ksh 10.3 billion toNational Irrigation Board and Ksh 3.5 billionfor Galanna
Ksh 29.5 billion for water supply and sani-tation
Ksh 2.1 billion for water storage and floodcontrol
Ksh 0.3 billion for Free Disease Zone
Ksh 1.2 billion for compensation of farm-ers in Mwea Irrigation Scheme
Ksh 1.0 billion for coffee debt write off
Ksh3.5 billion for Land titling
In addition, measures to control floods andharvest water will be implemented. Activitiesallocated resources include :
Ksh 12.6 billion for environmental protec-tion conservation and management.
Farmers at work at Mwea irrigation scheme.Ksh 1.2 billion has been allocated for com-pensation of farmers in the IrrigationScheme (October, 2013)
Tourism Recovery
The tourism industry has beenseverely affected by the currentspate of insecurity which hasmade our aspirations of attain-ing and sustaining economicgrowth blurred. In order to reha-bilitate the industry, an addition-al KSh 5.2 billionhas been allo-cated in this budget for Tourismrecovery.
Special Economic Zones (SEZs)
As part of the strategy togrow the manufacturingsector and boost trade, thegovernment continues toprioritize and facilitate theestablishment of industrialparks and special econom-ic zones.
Workers prepare clothes at an Export Pro-
cessing Zone factory. Kenya plans to convertEPZs to special zones.
KSh 3.0 bn has been allocated to facilitatedevelopment and establishments of SEZs andindustrial parks.
An artist impression of Infinity IndustrialPark located along Eastern Bypass.
Industrial Parks
Entrenching Buy-Kenya-Build-Kenyapolicy in all public procurement andmost of the local purchases.
Introducing legislation to require at least40 percent local content in projects
Other initiatives include
Mechanized irrigation in Galana (April 2015) Maize progress in Galana (May, 2015)Land preparation in Galana (March 2015)
Workers planting maize in Galana (March 2015)
Other key allocations towards food securityare:
Ksh 2.7 billion for Strategic Grain Re-serves
Ksh3.1 billion for fisheries development
Ksh 0.6 billion for the revival of the Ken-ya Meat Commission
Ksh 0.3 billion for the revival of the Pyre-thrum sector
4
THE NATIO NAL TREASURY
BUDGET
HIGHLIGHTS 15/16The “Mwananchi” Guide
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Y
Geothermal Power Production in Naivasha.KSh 13.2 bn has been allocated for Geother-mal Development
KSh 404.7 billion has been set aside in the FY 2015/16 for support ofthe on going developments in infrastructure. This includes improvinginfrastructure in counties, cities and urban centres, attain efficient andeconomic road transportation, expansion of electricity generation andaccess, modernizing ICT infrastructure, expansion of the port and Stand-
ard Gauge Railway Construction and facilities. On going road construction & maintenance- KSh 85.2 bn
Road Annuity Programme - KSh 5.0 bn
Foreign financed roads - KSh 42.0 bn
Standard Gauge Railway Construction - KSh 143.9 bn
Ferry replacement - KSh 1.3 bn
Geothermal development - KSh 13.2 bn
Power transmission - KSh 21.1 bn
Rural Electrification Programme - KSh 14.9 bn
Street lighting - KSh 4.5 bn
Last mile connectivity - KSh 1.5 bn
Digital Talent - KSh 0.25 bn
Street Lighting Using Renewable Energy.KSh 4.5 bn has been allocated for street light-ing to enhance security for investment
INVESTMENT IN INFRASTRUCTURE TO SPUR ECONOMIC GROWTH
R E D U C I N G C O S T O F E N E R G
Y T O E N H A N C E D O I N G
B U S I N E S S C L I M A T E
KSh 1.3 bn has been allocated for replace-ment of ferries to ease the movement ofworkers in and out of Likoni
The President launches the Last Mile Connectivity Project, an initiative gearedtowards increasing electricity access to Kenyans across the country on May 27,2015. KSh 1.5 bn has been allocated in this budget for the last mile connectivity project.
KSh 14.9 bn has been allocated for Rural Elec-
trification Program
KSh 21.1 bn has been allocated for PowerTransmission
The president inspecting the progress of the SGR on May 26, 2015
5
THE NATIO NAL TREASURY
BUDGET
HIGHLIGHTS 15/16The “Mwananchi” Guide
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FACILITATING THE PRIVATE SECTOR THROUGH IMPROVED INFRASTRUCTURE
KSh 58.5 billion for on-going road
construction
KSh 26.7 billion for road mainte-
nance
KSh 42.0 billion for foreign fi-nanced roads
KSh 5.0 billion for Road Annuity
Programme (included in the provi-
sion for on-going road construc-
tion) R O A D C O N S T
R U C T I O N
E x p an s i on an d M o d er ni z a t i on
of t h eP or t of M om b a s a
President Uhuru Kenyatta together with leaders from other East African Community mem-ber states during the commissioning of the new Mombasa Port Berth 19 on August 29,2013
The LAPSSET Corridor Project is the firstsingle Gigantic, Integrated, Transformativeand Game-Changer infrastructure Projectthe Government has initiated
Out of the seven LAPSSET Components,the Government of Kenya has put priorityon the development of the First ThreeBerths and Associated Port Infrastructure,which is expected to trigger development ofthe other components.
The administrative infrastructure for theLAPSSET project is complete and the initialthree berths of the Lamu Port have already
been commissioned.
Power sub-Station that will supply power toLamu Port
Aerial view of Berth 19
LAMU PORT – SOUTH SUDAN – ETHIOPIA TRANSPORT (LAPSSET) CORRIDOR PROGRAM
Lamu Port housing
Lamu Post police Station is complete
LAPSSET Corridor
Isiolo-Marsabit-Moyale Road
6
THE NATIO NAL TREASURY
BUDGET
HIGHLIGHTS 15/16The “Mwananchi” Guide
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PROMOTING EQUITABLE AND ACCESSIBLE QUALITY HEALTH CARE SERVICES TO ALL KENYANS
Other allocations are as follows: KSh 4.5 bn for lease financing of healthcare equipment
KSh 0.9 bn for free access to all health cen-tres and dispensaries
KSh 3.5 bn for Kenya Medical TrainingCentres
KSh 9.3 bn for Kenyatta National Hospital
KSh 5.8 bn for Moi Teaching and ReferralHospital
KSh 1.9 bn for Kenya Medical ResearchInstitute
KSh 3.0 bn for doctors/clinical officers/nurses internship program
KSh 0.9 bn for National Aids Control Coun-cil
A state-of-the-art Cancer Treatment Equipment
ENHANCING ACCESS AND TRANSFORMING THE EDUCATIONAL SYSTEM THROUGH E -TEACHING AND E-LEARNING
To supplement access and quality of educa-tion, the budget has made the following allo-cations:
KSh 32.5 bn for free day secondaryeducation
KSh 14.1 bn for free primary education KSh 2.3 bn for recruiting additional
5,000 teachers
KSh 2.2 bn for promotion of teachers
KSh 1.0 bn for school feeding program
Through this budget, a total of KSh 17.6 billion has been proposed fordeployment of laptops to schools, development of digital content, build-ing capacity of teachers and rolling out computer laboratory for class 4to class 8 in all schools throughout the country.This will be in addition to KSh 0.3 billion provided for the purchase ofcomputers in the on going Economic Stimulus Projects
KSh 3.0 bn has been allocated fortechnical training institutes, KSh
7.5 bn for Higher Education Loansand KSh 52.9 bn for UniversityEducation. KSh 0.4 bn has alsobeen allocated to provide sanitarytowels for girls in schools to en-
sure that they do not miss out inschool in some days. In addition, under the economicstimulus that was started someyears back, KSh 0.6 bn has beenallocated for upgrading of Nation-al Schools.
ENHANCING WOMEN AND YOUTH EMPOWERMENT
KSh 25.0 billion has been allocat-ed towards youth employment andreengineering the NYS as a vehiclefor transforming and empoweringthe youth.
Other interventions in-clude:
KSh 0.85 billion forUwezo Fund
KSh 0.5 billion forWomen Enterprise Fund
KSh 0.3 billion forYouth Enterprise Fund
KSh 1.8 bn for construc-tion of stadia
Uwezo Fund Capacity Build-
ing Workshop in LaikipiaCounty
The President being shown some of the equip-ment leased under the Medical EquipmentServices programme on February 6th, 2015.
First ever graduates with albinism fromNYS passing out on April 23rd, 2015 withThe President
Revamping of Kipchoge Keino Sta-dium in Eldoret. KSh 1.8 billion hasbeen allocated for construction ofstadia.
7
THE NATIO NAL TREASURY
BUDGET
HIGHLIGHTS 15/16The “Mwananchi” Guide
The Government has allocated KSh 59.2 bn in2015/16 for preventive and curative health ser-vices. Of this KSh 4.3 bn is allocated for freeaccess to maternal health care while KSh 1.0 bnwill go towards slum health care program.
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CUSHIONING THE POOR AND THE VULNERABLE IN THE SOCIETY: SOCIAL SAFETY NETS
To address the plight of the less disadvantagedin society, combat poverty, and promote equity,the social protection safety net in form of cashtransfer has been enhanced. In addition an allo-cation for the equalization fund, Constituency
Development Fund (CDF), and Affirmative Action for Social Development has been setaside as follows:
Ksh 35.2 billion for CDF
Ksh 2.1 billion for Affirmative Action forSocial Development
Ksh 6.0 billion for Equalization Fund
Ksh 9.0 billion is for orphans and vulnera-ble children;
Ksh 7.4 billion for elder persons;
Ksh 1.2 billion for those with extremedisability
Ksh 0.3 billion for other disabled personsunder coverage of cash transfer;
Ksh 0.3 billion for street families
Ksh 0.5 billion for insurance cover forpersons under the social safety net pro-
Ksh 0.8 billion for Children Welfare Society Ksh 0.4 billion for Presidential Secondary
School Bursary Scheme for orphans, poorand bright students.
Ksh 2.2 billion for Resettling the IDPs Ksh 1.3 billion for hunger safety net
Ksh 1.3 billion for slum upgrading
Ksh 1.8 billion for constriction of stadia
KSh 1.0 billion seed capital for the Nation-al Fund for Restorative Justice
KSh 0.23 billion for Jua kali sheds.
ONGOING ECONOMIC STIMULUS PROJECTS
Ksh 0.32 billion for purchase of computers
Slum upgrading program in Kibera on pro-gress on December 7th, 2014.
Health insurance program under the socialsafety nets
KSh 2.2 billion for resettling the IDPs
Merciful hearts orphanage Kenya on Novem-ber 1st, 2012. KSh 9.0 billion has been allo-cated for orphans and vulnerable children
KSh 0.6 billion for upgrading of National Schools KSh 0.3 bn for prototype fresh produce & wholesale markets
Elderly persons during the launch of the Elderlywelfare kitty on February 4th 2014. KSh 7.4billion for the elderly persons
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THE NATIO NAL TREASURY
BUDGET
HIGHLIGHTS 15/16The “Mwananchi” Guide
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STRENGTHENING DEVOLUTION THROUGH EQUITABLE DEVOLUTION
Ksh 259.8 billion as Sharable revenues to the Counties
Ksh 27.3 billion has been set aside as additional condi-
tional allocations to Counties in the FY 2015/16 Budget
as follows:
Ksh 4.3 billion as conditional grant for Free Maternal
Health Care;
Ksh 4.5 billion as conditional grant for Leasing medical
equipment;
Ksh 3.6 billion as conditional grant for level- 5 hospitals
Ksh 0.9 billion as conditional grant to compensate
county health facilities for user fees forgone;
Ksh 3.3 billion as conditional grant from the Road
Maintenance Fuel Levy Fund; and
Ksh 10.7 billion as conditional allocations from donor
loans and grants.
PROPOSED REVENUE ALLOCATION FOR EACH COUNTY
GOVENMENT FOR FY 2015/16
Some of the state-of-the-art equipment in Machakos level 5hospital commissioned by The President on May 27, 2015.
9
THE NATIO NAL TREASURY
BUDGET
HIGHLIGHTS 15/16The “Mwananchi” Guide
Rolling out Modern Medical Equip-ment for Counties
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OTHER ALLOCATIONS INCLUDING CONSTITUTIONAL OFFICES
KSh 181.4 billion allocated to TSC
Judiciary has been allocated KSh 17.2 billion
KRA has been allocated KSh 1.0 billion for modernization
KSh 0.7 billion for SRC
KSh 0.3 billion for CRA
KSh 1.5 billion for NLC
KSh 27.3 billion has been allocated to Parliament
KSh 1.5 bn has been allocated to IEBC for voter Registra-
10
THE NATIO NAL TREASURY
BUDGET
HIGHLIGHTS 15/16The “Mwananchi” Guide
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PUBLIC EXPENDITURE TRACKING
Total GovernmentBudget
KSh 2,234.0 bn
Public
Admin & Interna-tional RelationsKSh 243.4 bn
Health
KSh 59.2 bn
Judiciary KSh 17.2 bn
GJLOS
KSh 154.0 bn
Education
KSh336.3bn
NationalSecurity
KSh 112.5 bn
Energy, Infra-structure & ICT
KSh 404.7 bn
Agriculture,Rural & UrbanDevelopmentKSh 79.7 bn
ParliamentKSh 27.2 bn
CDF
KSh 35.2 bn
Social Protec-tion, Culture &
Recreation KSh 31.5 bn
Economic andCommercial
Affairs KSh 21.3 bn
Social SafetyNets
KSh 19.1 bn
Street families
KSh 0.3 bn
Children welfaresociety
KSh 0.8 bn
Elderly persons
KSh 7.4 bn
Other disabilities undercash transfer
KSh 0.3 bn
Presidential Secondaryschool Bursary scheme
KSh 0.4 bn
Orphans andVulnerable chil-
dren
KSh 9.0 bn
ExtremedisabilityKSh 1.2 bn
County Sharea-ble Revenue
KSh 258 bn
ConsolidatedFund Services KSh 441.5 bn
Environment Pro-tection, Water &
Natural ResourcesKSh. 63.0 bn
ContingenciesFund
KSh 5.0 bn
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THE NATIO NAL TREASURY
BUDGET HIGHLIGHTS 15/16
The “Mwananchi” Guide
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NOTES
SUMMARY OF PROPOSED TAX AND MISCELLANEOUS MEASURES
12 THE NATIO NAL TREASURY
BUDGET
HIGHLIGHTS 15/16The “Mwananchi” Guide
THE NATIONAL TREASURY
TREASURY BUILDING, HARAMBEE AVENUEP.O. BOX 30007 - 001000, Nairobi - Kenya Tel: +254 (0)20 225 2299Email: [email protected] Website: www.treasury.go.ke
matumizi bora ya fetha wajibu wetu
For any comments on the People’s Guide please send them to: Email: [email protected]
ABBREVIATIONSCDF Constituency Development Fund CDI Composite Development IndexCCF Contingencies Fund IFMIS Integrated Financial Management Information SystemCFS Consolidated Fund Service AMISOM African Union Mission in SomaliaESP Economic Stimulus Programme GDP Gross Domestic ProductICT Information Communication Technology JKIA Jomo Kenyatta International AirportNYS National Youth Service GJLOS Governance, Justice, Law and Order
Youth Empowerment for Job Creation
♦ Tax Rebate for Employers who employ and train at least ten freshgraduates for more than six months in internship and apprenticeship
programs.
♦ Exemption from withholding tax payments by film producers, ac-tors and crew members to develop Kenya as a leading film produc-
tion destination and create jobs for talented Kenyans.
♦ Increased duties on imported alum inium cans and gas cylinders tocushion local manufacturers against unfair competition.
♦ Duty Remission on importation of semolina to encourage local production of pasta.
♦ Exemption from VAT for taxable goods and services used in con-struction of infrastructure in industrial and recreational parks of 100acres or more to encourage local and foreign investors and create
jobs.
♦
Reduction of Import Declaration Fee (IDF) from 2.25 percent to 2.0 percent to reduce cost of doing business and increase competitive-
ness.
Promoting Equity and Fairness
♦ Returning residents who have owned left-hand drive vehicle for atleast twelve months to be allowed to import a right-hand drive vehi-
cle of equivalent value VAT free.
♦ Withholding tax on rental income plus tax amnesty to encourage property owners with rental income pay their fair taxes.
♦ Enhanced excise duty on non-biodegradable plastic bags plus ex-emption of VAT on plastic bag bio-digesters so as to reduce envi-
ronmental degradation
Deepening tax Administration Reforms to Ease Compliance
♦ New Tax Procedures and Excise Duty Bills to simplify tax admini-stration and reduce cost of compliance.
♦
Clarifications on Capital Gains tax to ensure enforceability.
Encouraging Growth and Stability of Financial Sector
♦ Increase of minimum capital for banks from Kshs 1.0 billion toKshs 5.0 billion by December 2018 and for general insurance com-
panies from Ksh 300 million to 600 million by June 2018 in orderto develop a strong, stable and internationally competitive financial
sector
♦ Amendments to the Central Bank Act to allo w for perpetual licens-ing to facilitate risk based supervision and improve ease of doing
business.
♦ Amendments to Insurance Act to facilitate risk based supervisionand introduce broad insurance guidelines for insurance companies
to enable them better manage risks.
♦ Stamp Duty exemption for Asset Backed Securities (ABS) and RealEstate Investment Trusts (REITS) for capital markets development.
♦ Amendments to retirement benefits regulations to allow members toalso share in surpluses during winding-up of defined benefits
schemes.
♦ Strengthening of supervisory powers of the Sacco Societies Regu-latory Authority (SASRA) and the Financial Reporting Centre
(FRC).
Figures may not necessarily add up due to rounding off Blue Colour represents the different sectorsGrey colour represents the Global budget and includes Green Colour represents Judiciary, Parliament,National Government, Judiciary, Parliament, CFS, CFS, County allocation and Contingency FundCounty Allocation, Civil Service Contributory Pensionsand Contingency Fund
♦
♦
♦
♦