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Supporters of the bill have emphasized its potential to attract investments, create jobs, and bolster infrastructure development across the nation.
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However, opposition MPs and various civil society groups have vehemently opposed it terming it oppressive.
Image: FILE
This week marks a defining moment for the ruling Kenya Kwanza administration as MPs wrap up the heated debate on the Finance Bill 2024.
The proposed legislation has continued to spark intense discussions and divergent opinions across the political divide.
Last week, business was paralysed in some major towns across the country as Kenyans poured into the streets to protest against the bill, urging the lawmakers to reject it.
At the heart of the debate are critical tax proposals that could either significantly impact the country's economy or burden the ordinary citizens.
Key issues include proposed tax reforms, budget allocations and measures aimed at raising an additional Sh346 billion in taxes to pay off the national debt as well as fund development projects.
Supporters of the bill have emphasised its potential to attract investments, create jobs, and bolster infrastructure development across the nation.
However, opposition MPs and various civil society groups have vehemently opposed it terming it oppressive adding there are no sufficient safeguards against corruption and mismanagement of public funds.
Some other critics have argued that the proposed tax measures could disproportionately affect low-income households and small businesses.
President William Ruto commended Sunday the youth (Gen Zs) for coming out to express their views over the bill vowing to meet them in a bid to have their concerns addressed.
Ruto and a section of his allies in parliament have been actively lobbying for the bill, arguing that it is crucial for steering the country through the current economic challenges.
The bill proceeds to the committee of the whole House Tuesday where eyes are on the MPs as they debate it clause by clause to either drop the contentious ones as agreed by the Kenya Kwanza MPs or either pass it as it is.
During the sitting, the lawmakers will also conduct a final vote where they may either pass it or reject it.
The debate will come on a day protesters have planned what they have termed as the mother of all demonstrations dubbed occupy parliament.
The bill passed to the second reading with 204 MPs voting to approve it against 115 who rejected it.
If the MPs vote to approve, it will then be transmitted to the president for assent.