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The Law Society of Kenya (LSK) has issued a strong statement urging Parliament to take into account the views of the public and various stakeholders regarding the proposed Finance Bill 2024. The call comes amid widespread concerns about the potential socio-economic impacts of the bill, which includes significant tax increases.
In their statement, the LSK highlighted the risks associated with the government’s aggressive tax hikes aimed at boosting revenue collection. “The overzealous increase in taxes as part of the government’s efforts to increase revenue collection is concerning,” the statement read.
“The recent volatility of Kenya’s tax regime, characterized by a sustained upward trajectory, is likely to lead our country into a strenuous socio-economic context that will be untenable for both our citizens and investors.”
The LSK’s statement reflects growing unease among industry and commerce stakeholders, as well as the general public, over the potential consequences of the Finance Bill 2024. Many fear that the increased tax burden could exacerbate the cost of living and deter investment.
The LSK, led by President Her Excellency Faith Odhiambo, is advocating for a more measured approach. “We call on the National Assembly, particularly the Departmental Committee on National Planning and Finance, to take heed of these concerns in the interest of upholding the rule of law and enhancing public participation,” the LSK stated.
The society’s statement underscores the necessity for the government to balance its revenue-raising initiatives with the need to support economic stability and protect the welfare of its citizens. The call for a more inclusive legislative process aims to ensure that the voices of the people and various stakeholders are heard and considered.
The Finance Bill 2024 has been a subject of intense debate, with many Kenyans expressing fears that the proposed tax increases could further strain their financial situations. The LSK’s intervention is a significant development in the ongoing discourse, highlighting the crucial role of public participation in shaping fiscal policy.
As the National Assembly prepares to deliberate on the bill, the LSK’s statement serves as a reminder of the importance of transparency, accountability, and responsiveness to the needs of the Kenyan people in legislative.
