Uhuru signs Finance Bill 2018 into law

President Uhuru Kenyatta has signed the Finance Bill 2018 into law a day after it was endorsed by MPs in a chaotic sitting.

Speaking at State House on Friday morning, the President said he would not relent on the war against corruption.

“I give my commitment that I will ensure proper utilisation of public resources for a better Kenya,” he said.

Following the signing of the Finance Bill 2018, mobile phone subscribers are set to pay more for airtime and data services as the excise duty on airtime will be increased from 10 per cent to 15 per cent.

The cost of mobile money transfer services is also expected to rise after President Kenyatta proposed the excise duty on mobile money transfers be increased from 10 per cent to 20 per cent.

Salaried employees are also in for tougher times as President Kenyatta’s memorandum, which carried the day, contained a proposal to have workers contribute 1.5 per cent of their earnings to the National Housing Development Fund.

This money will be channeled towards financing one of President Kenyatta’s key development agenda on affordable housing.

The cost of internet is also expected to rise as internet bundles will now be hit with an excise tax of 20 per cent.

The first round of voting on the president’s memorandum was characterised by high voltage drama after a section of MPs opposing the fuel levy failed to raise the required quorum of 233 members to shoot down the proposed tax measures.

At some point, MPs opposing the Bill stormed out after Speaker Muturi ruled that those opposed to the President’s proposal on 8% VAT on petroleum products didn’t have the required numbers.

Other leaders present during the signing of the Bill were Attorney General Paul Kihara Kariuki, Principal Secretary Kamau Thugge, Solicitor General Kennedy Ogeto and National Assembly Clerk Michael Sialai.