The speaker of the national assembly will give a ruling on the fate of the Finance Bill 2011-2012 tomorrow afternoon. The contentious bill which is long overdue has had legislators pointing accusing fingers at the executive for trying to handle budget matters without consulting relevant commissions.
Garsen MP Danson Mungatana said that the executive is squarely to blame for the delay of passing the bill as it had failed to present it before the house. The bill was withdrawn last year by then Finance minister Uhuru Kenyatta after MPs disagree with a number of issues in the bill including interest rates charged by banks.
MPs led by Gem MP Jakoyo Midiwo want interest rates charged by banks to be capped, a move that banks have strongly opposed. The Bill also has proposals to drop the 12% VAT rate, which could see a reduction in the price of cooking gas which fall in the category affected by the rate.