Ruto Signs Key Bills to Accelerate Bottom-Up Economic Transformation
With these legislative changes, Kenya is poised to enhance its competitiveness and create a more favorable environment for both local and foreign investments.
President Ruto signed key bills to accelerate Bottom-Up Economic Transformation.Photo/State House.
President William Ruto has signed into law seven significant parliamentary bills aimed at fast-tracking Kenya’s Bottom-Up Economic Transformation Agenda and boosting the country’s global competitiveness.
The signing ceremony, which took place at State House Nairobi, marks a crucial step towards strengthening the country’s legal and economic framework to foster growth, transparency, and efficiency.
The bills include the Kenya Revenue Authority (Amendment) Bill 2024, the Kenya Roads (Amendment) Bill 2024, the Ethics and Anti-Corruption Commission (Amendment) Bill 2024, and the Statutory Instruments (Amendment) Bill 2023.
These amendments are expected to streamline tax collection, improve infrastructure management, and strengthen the fight against corruption, which are all integral to the government’s economic agenda.
Additionally, the Business Laws (Amendment) Bill 2024, the Tax Procedures (Amendment) Bill 2024, and the Tax Laws (Amendment) Bill 2024 were also signed into law.
These legislative changes aim to create a more conducive environment for business, simplify tax procedures, and ensure a more transparent and accountable tax regime, all of which are crucial in attracting investments and enhancing the country’s competitiveness on the global stage.
Speaking at the signing ceremony, President Ruto highlighted that these reforms would provide a significant boost to Kenya’s economic transformation by making the country more attractive to investors, reducing inefficiencies, and promoting fair and transparent governance.
“The signing of these bills is a crucial step in achieving our Bottom-Up Economic Transformation Agenda. They will improve the ease of doing business, enhance the efficiency of public services, and ensure a more equitable distribution of resources across the country,” said Ruto.
The event was attended by key government figures, including Prime Cabinet Secretary Musalia Mudavadi, Treasury Cabinet Secretary John Mbadi, Speaker of the National Assembly Moses Wetang’ula, Attorney-General Dorcas Oduor, and several Members of Parliament led by Majority Leader Kimani Ichung’wah.
These leaders expressed their commitment to ensuring the successful implementation of the new laws, which they believe will have a far-reaching impact on Kenya’s development trajectory.
The new laws are expected to strengthen the Government’s resolve in achieving sustainable economic growth, while also reinforcing the country’s commitment to international standards of governance and business practices.
With these legislative changes, Kenya is poised to enhance its competitiveness and create a more favorable environment for both local and foreign investments.
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