Kenya’s apex court approves Finance Act 2023
Kenya’s markets were rattled as the Supreme Court issued a verdict approving the reinstatement of the Finance Act of 2023 after the 2024 Finance Bill was dropped after widespread protests over glaring taxation proposals. For more on what this holds for the markets, CNBC Africa is joined by Chad Nyakatura, Money Market Sales Manager at Stanbic Bank Uganda.
Wed, 30 Oct 2024 15:35:23 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Reinstatement of Finance Act of 2023 provides certainty and aligns with fiscal development strategy
- Decision unlocks funding opportunities and supports infrastructure development in Kenya
- Public engagement in budget process and positive outlook for achieving long-term fiscal goals
Kenya's financial landscape was recently thrown into disarray as the Supreme Court ruled in favor of reinstating the Finance Act of 2023, following the abandonment of the 2024 Finance Bill due to widespread public outcry over proposed tax measures. To shed light on the implications of this decision and its impact on the business community and the National Treasury, CNBC Africa interviewed Chad Nyakatura, the Money Market Sales Manager at Stanbic Bank Uganda. Nyakatura highlighted the significance of the reinstated Finance Act of 2023, emphasizing the certainty it brings and its alignment with the government's fiscal development strategy. The decision is expected to unlock funding opportunities and boost infrastructure development in Kenya. The move also signals public engagement in the budget process and sets the stage for achieving long-term fiscal goals.
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