What to Expect as Finance Bill 2024 Proceeds to Committee Stage
The Finance Bill 2024 is set to proceed to the Committee Stage following a vote held on Thursday, April 20.
In this voting session, 204 Members of Parliament (MPs) supported moving the bill forward after its Second Reading, where legislators shared their views.
However, 115 MPs voted against it, and if they had achieved a majority, it would have ended the Finance Bill 2024’s progress in parliament.
Committee Stage Overview
The next significant activities are scheduled for Tuesday, June 25, as outlined by Kenyans.co.ke. During the Committee Stage, the usual House sitting will transform into a committee-like session.
Unlike the typical sessions chaired by Speaker Moses Wetangula, this stage will be led by Deputy Speaker Glady’s Shollei or another member of the Speaker’s Panel.
In this phase, MPs will meticulously review the entire Bill, clause by clause, and vote on amendments recommended by the Finance Committee.
MPs also have the opportunity to propose their amendments, which they were required to submit to the clerk by Thursday, June 20, in the afternoon.
Each amendment will be proposed and voted on individually. For example, an MP might propose to remove the Eco Levy from the Bill.
If an amendment passes, it becomes part of the Bill. After the Committee of the Whole House stage, the Bill’s Sponsor will move a motion for the Chairperson to report the Bill’s consideration to the House.
If the Committee cannot conclude its consideration, the Sponsor moves a Motion to report the progress made thus far.
Post-Committee Stage: Reading Stage
After the Committee Stage, the chairperson will report on the exercise undertaken.
Subsequently, a Motion for Agreement with the Committee’s Report will be moved, seconded, and voted on by the MPs before the Bill proceeds to the Third Reading.
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This Motion seeks the House’s approval of the Bill as amended by the Committee.
Final Step: Third Reading
The Third Reading is the final step, primarily involving passing the Bill. Once passed, the Bill is submitted to President William Ruto for assent. Upon receiving the President’s approval, the Bill will become the Finance Act 2024, with its tax proposals taking effect on July 1, 2024.
For instance, if the Act includes tax elements affecting fuel, the Energy and Petroleum Regulatory Authority (EPRA) will announce new pump prices on June 30.
What to Expect as Finance Bill 2024 Proceeds to Committee Stage
