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Maize, Cooking Gas Zero Rated as Uhuru Signs Into Law The Finance Bill 2020

[PHOTO/ COURTESY]

President Uhuru Kenyatta has signed into law the 2020/2021 Budget, the Finance Bill 2020 and the 2019/2020 Third Supplementary budget.

The 2020/2021 budget contains a Sh56 billion stimulus package to cushion Kenyans during and after the Coronavirus pandemic and Sh128.3 billion allocated to the Government’s big four agenda.

The Finance bill 2020 which has been signed into law contains several amendments aimed at cushioning Kenyans in the current economic crisis.

Some of the amendments in the finance act include zero rating of VAT in essential food items such Maize, cassava and wheat flour for a period of six months in order t make Unga affordable to Kenyan families.

Read: MPs Hand Kenyans Reprieve As They Shoot Down Proposed Taxes On Pensions, Cooking Gas

The new Finance Act also extends the zero rating of VAT in cooking gas for a period of one year.

The supplementary budget includes Sh5 billion allocated to counties for Covid-19 response and Sh3.4 billion for COVID-19 allowances allocated to front line health workers.

Since the first Corona virus case in Kenya on March 12, many citizens have lost their jobs and some have had to take pay cuts as businesses close. The economic crisis has had a negative effect especially on vulnerable Kenyans who have been hit hard.

Kenya currently has 6,366 cases with 2,039 recoveries and 148 fatalities due to the virus.

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Written by Vanessa Murrey

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