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HomeEconomyPresident Kenyatta signs into Law 2020/21 budget

President Kenyatta signs into Law 2020/21 budget

President Kenyatta Signs into Law 2020/21 Budget, 2019/20 Third Supplementary Budget

President Uhuru Kenyatta signed into law the 2020/21 Budget, the 2020 Finance Bill and the 2019/20 Third Supplementary Budget on Tuesday.

The Ksh3.2 trillion 2020/21 Budget contains a Ksh56.6 billion post COVID-19 economic stimulus package and an allocation of Ksh128.3 billion to the government’s Big Four agenda.

The 2020 Finance Bill which is now law has several amendments targeted at cushioning Kenyans from the adverse effects of the COVID-19 pandemic.

Some of the amendments in the Finance Act include the zero rating of VAT on maize, cassava and wheat flour for 6 months so as to make unga affordable.

New Finance Act also extends the zero rating of VAT on cooking gas for one year.

The third 2019/20 supplementary budget of Ksh 18.4 billion was approved by the National Assembly to address the Covid-19 health crisis and other emerging challenges.

Supplementary budget includes Ksh5 billion allocated to Counties for Coronavirus response and Ksh3.4 billion earmarked for COVID-19 allowances to frontline healthcare workers.

The signing ceremony was attended by National Assembly Speaker Justin Muturi, Treasury CS Ukur Yattani and Leader of Majority in the National Assembly Amos Kimunya.

Also present were Solicitor General Kennedy Ogeto, Clerk of the National Assembly Michael Sialai and State House Deputy Chief of Staff Njee Muturi.

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Digital Desk, Metropol TV

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