Econonmic Outlook

Overview

The budget for the FY 2023/24 marks the beginning of the current government fiscal year and has been formulated amidst considerable shocks in the global economy. The uncertainties, including the ongoing conflict in Eastern Europe, the turbulent financial market, dollar scarcity, increase in fuel prices, growing inflation and the drought effects have resulted in the slowdown of the economy globally and in Kenya. The declining value of the Kenyan shilling against the dollar and the country's increasing debt vulnerability have further compounded the economic challenges.

There have also been several public concerns such as the high cost of living, high rate of unemployment, increasing tax burdens and wastage of public funds. In response to these concerns, the government has implemented various interventions. In its 2023 Budget Policy Statement and Fourth Medium Term Plan, the government will be increasing investments in five strategic sectors that have the largest impact on both the economy and household welfare. These strategic sectors include agricultural transformation, micro, small and medium enterprise economy, housing and settlement, healthcare, digital superhighway, and creative industry. Through a special focus on these sectors, the government plans to reduce the cost of living, create jobs and achieve an equitable distribution of income.

Economic Growth and Decline

Kenya has recorded a decline in economic growth from 7.6% in 2021 to 4.8% in 2022. This was coupled with a decline in the share of real Gross Domestic Product (GDP) in the service industry and the agricultural sectors.

Budget Projections for FY 2023/24

Despite the challenges, the Kenyan government has projected an economic growth rate of 5.5% for the fiscal year 2023/24. Several factors contribute to this optimistic projection. The services sector is expected to experience a significant recovery, which would contribute to overall economic growth. Investments in the micro, small and medium enterprises (MSMEs) are also expected to spur growth in the services sector and create employment opportunities. The broad-based private sector is also expected to spur growth.

Additionally, the government's focus on building investor confidence and expanding exports is expected to contribute to economic growth. By promoting exports, Kenya aims to reduce its trade deficit and increase foreign exchange earnings. Public sector investments, particularly in infrastructure development, are also anticipated to stimulate economic activity and contribute to GDP growth. Lastly, the government expects a revamped agricultural sector to improve economic growth, especially because of the improved weather conditions during the March – May rainy season.

Inflation

The country has recorded an average inflation rate of 8.78% as at May 2023 from 8.71% in April 2023 as reported by the Central Bank of Kenya (CBK). The inflation rate remains above the upper target of 7.5%. This suggests that inflationary pressures are still present in the economy and require attention.

Factors affecting inflation

Several factors have contributed to the inflationary pressures in Kenya with higher power tariffs being identified as a key driver of inflation. Increase in electricity prices directly impacts production costs for businesses, which are then passed on to consumers in the form of higher prices for goods and services.

Another factor influencing inflation is the weakening of the Kenyan shilling against the US dollar. From May 2023 to June 2023, the exchange rate depreciated from 130.1 to 139.71. This has been occasioned by the scarcity of the US Dollar due to the Federal Reserve's monetary policy stance of raising interest rates to tackle inflation. The depreciation of the currency has led to higher import prices, as the cost of imported goods and raw materials increases. These higher import prices can result in inflationary pressures, affecting the overall price levels in the economy.

Inflation Outlook

It is estimated that 2023's total inflation forecast would be at 6.5%, which is less than the upper target of 7.5%. This points to an inflation prognosis that is rather upbeat for the upcoming months. However, it is crucial to exercise caution because the inflation rate might still be impacted by several variables.

The trajectory of inflation will depend on various factors such as how stable electricity prices are and how well the Kenyan shilling performs against other major currencies. Any large increases in electricity rates or additional shilling devaluation might result in greater import costs and, as a result, increased inflation.

In addition, it is important to keep a careful eye on other domestic concerns including shifts in tax laws, wage fluctuations, and supply chain interruptions. These factors can have an impact on production costs, which may be passed on to the consumer in the form of higher prices.

2023/2024 Budget Overview

Total Budget and Expenditure

The total budget for the fiscal year 2023/24 is set at Kes 3.7 trillion. This allocation comprises Kes 2.53 trillion in recurrent expenditures, Kes 743.5 billion in development expenditures and Kes 385.4 billion in county equitable shares. Fiscal policy over the medium term focuses on supporting the government's Bottom-Up Economic Transformation Agenda (BETA) while aiming to slow down annual growth in public debt and improve liability management without compromising service delivery. It is expected that these measures will enhance the country's debt sustainability position.

The government projects the fiscal deficit to decline to Kes. 718.0 billion. The fiscal deficit is to be financed through net external financing of Kes 131.5 billion and domestic financing of Kes 586.5 billion.

Fiscal framework

The government has also proposed a raft of fiscal frameworks to help achieve its targets.

They include:

• plans to undertake a growth-friendly fiscal consolidation plan to ensure debt sustainability;
• improving revenue collection through the broadening of tax base and controlling overall expenditure;
• targeting to grow total revenues to 17.9% of Growth Domestic Products (GDP) in FY 2023/24 and above 18.3% of GDP over the medium term;
• efforts will be made to scale up revenue collection by the Kenya Revenue Authority (KRA) to KES0 trillion over the medium term through tax administrative measures and policy reforms;
• implementing the National Tax Policy and finalizing the Medium-Term Revenue Strategy to enhance administrative efficiency and boost tax revenues.
• minimizing unnecessary fees and charges to improve the absorption of development partner funds;
• plans to change the public debt ceiling from a numerical limit number to a ratio of public debt to GDP in present value terms;
• projection of increase in external debt service due to the redemption of a US dollar 2.0 billion Eurobond.
• commitment to meeting all maturing obligations including the maturing Eurobond; and
• plans to create a conducive environment for private sector investment in Public-Private Partnership (PPP)

Expenditure Increase

The proposed total expenditure and net lending is expected to increase from KES 3.34 trillion in the previous fiscal year (2022/23) to KES 3.680 trillion in 2023/24. This represents a 4.17% expenditure increase from the previous year.

The recurrent expenditure is projected to increase by KES 1.1 trillion, while development expenditure is set to increase by KES 32 billion contributing to around 16.3% change from the previous fiscal year, 2022/23.

Allocation in the National Government

Executive

The budget estimate for the executive in the FY 2023/24 is KES 2.16 trillion. The notable allocations include KES 4.3 billion for the Office of the President, KES 3.7 billion for the Office of the Deputy President, and KES 1.19 billion for the Office of the Prime Cabinet Secretary.

Judiciary

The budget estimate for the judiciary in the FY 2023/24 is KES 23.2 billion, reflecting a significant increase from the previous allocation of KES 18.9 billion in 2022/23. This increase in funding for the judiciary emphasizes the government's commitment to strengthening the judicial system and ensuring its effective functioning.

Parliament

The budget estimate for Parliament in the FY 2023/24 is KES 41.0 billion, representing a decrease of KES 9 billion compared to the previous allocation. The reduction in funds allocated to parliament may be a result of efforts to optimize spending and prioritize other sectors of the economy.

County Government Equitable Allocation

County governments have been allocated KES 384.5 billion as equitable share of revenue, indicating an increase of KES 14.5 billion from the previous allocation of KES 370 billion in 2022. This increase in funds aims to support county governments in implementing their development projects and delivering essential services to their respective regions. The funding may not, however, translate to disbursement of the funds to the counties as the national government has in the current year struggled to raise enough revenue to share with the county governments.

Comparison of budget estimates for FY 2022/23 and FY 2023/24 (KES. Millions)

Item	Approved Estimates (2022/23)	Budget Estimates (2023/24)
Recurrent expenditure	1,387,900	2,530,000
Development Estimates	711,500	743,500
National Government	2,116,884	2,227,706
County Equitable Share	370,000	385,425
Contingency Fund		2,800
TOTAL	3,384,261	3,680,000

Sectoral Highlights

Education

Notably, the education sector has been allocated the lion's share with its allocation coming to KES 628.6 billion from KES 544.5 billion in the FY 2022/23. This represents an increase in the allocation in comparison to the previous fiscal year.

The increased allocation is coupled with the implementation of the Competency Based Curriculum (CBC) with the need for additional resources at the Junior Secondary School and the recruitment of new teachers through the Teachers Service Commission (TSC). Further, the increased allocation would likely see an increase in the allocation for the Higher Education Loans Board (HELB).

Energy, Infrastructure and ICT

The allocation to energy, infrastructure and ICT has decreased, from the previous KES 407.7 billion to KES 364.1 billion in the FY 2023/24. This comes at a time when taxpayers have asked the government to reconsider its spend on non-priority items and focus on  sectors with a higher socio-economic impact.

Health

Universal Healthcare Coverage (UHC) is a key pillar under the BETA which emphasizes the need for deployment of various programs to improve healthcare. For instance, an integrated health information system, that will enable every Kenyan to own and control access to their health records and a digital health platform.

To support the UHC programme, the health sector has been allocated KES 141.2 billion, increasing from KES 122 billion in FY 2022/23. This increase represents the government's commitment to ensuring the highest possible standard of health through the provision of equitable, affordable, and high-quality health and related services for citizens.

Social Protection, Culture and Recreation

The sector comprises of the state departments for sports, arts, and culture, labor, social Protection, Development of the Arid and Semi-Arid Lands (ASALs), and State Department for Gender. The sector's allocation has gone down from the previous allocation of KES. 73.2 billion to KES. 50.7 billion.

Among the constituent components include social security, social assistance, and social health insurance. This sector plays a significant role in transforming the country and social development through the implementation of special programmes for development of ASALs, gender equity, harmonious industrial relations, and sustainable development. It further promotes diverse cultures, arts, and sports to improve Kenya’s regional and international competitiveness, empowering vulnerable groups and communities, and safeguarding children’s rights.

Security

Pursuant to Kenya's Departmental Committee on Defense, Intelligence and Foreign Relations warning that Kenya’s security operations could suffer severe setbacks if the treasury cuts budgets of the Ministry of Defense and the National Intelligence Service (NIS), the allocation for the sector has significantly increased from the previous financial year's allocation of KES. 177.8 billion to KES. 338.2 billion. This will positively impact the Ministry of Defence’s ability to continue recruiting additional soldiers, gather intelligence and sustain security training programmes, and could consequently lessen the country's risk of increased terrorist attacks and enhance the ongoing crackdown against banditry in the North Rift.

Environment Protection, Water and Natural Resources

The government's commitment to environmental conservation and response to the impacts of climate change as part of the socio-economic transformation agenda is notable. Consequently, the budget allocation for environmental management and protection has been set at KES 3.8 billion with a further allocation of KES 3.6 billion to spur local climate action. Further, the government has also indicated an intention to expand access to clean and adequate water for domestic and agricultural use. Overall, the allocation for the entire sector has, however, decreased from the initial allocation of KES. 107.1 billion to KES. 105 billion.

Comparison of select sector allocations for FY 2022/23 VS 2023/24 (KES. millions)

Sector	Approved Estimates FY 2022-23	Approved Estimates FY 2023-24
Energy, Infrastructure, and ICT	407,760.10	364,095
Health	122,519.30	141,200
Education	544,519.50	628,600
National Security	177,811.00	338,200
Social Protection, Culture and Recreation	73,213.50	50,700
Environment Protection, Water and Natural Resources	107,178.20	105,045

Legal Institutional and Policy reforms

BETA aims to improve the business environment, enhance public service delivery, and strengthen accountability and transparency in public finance management. The reforms suggested in the budget include:

• Procurement Reforms:
  • The government acknowledges the importance of procurement reforms in achieving efficiency, transparency, and cost savings. The government intends to roll out an end-to-end e-Government Procurement system (e-GP) to both the national and county governments. The system, once rolled out, will enable online management, tracking, and monitoring of all public procurement and asset disposal processes, enhancing efficiency and transparency. Furthermore, the government is committed to facilitating access to government procurement opportunities for Micro, Small, and Medium Enterprises (MSMEs) owned by women, youth, and persons with disabilities, which aligns with the government's focus on inclusivity and empowerment.
• State Corporations Reforms:
  • The government recognizes the challenges posed by bloated payrolls in state corporations, leading to unmet statutory obligations and affecting core service delivery. To address this issue, the State Corporations Advisory Committee (SCAC) plans to undertake a program to rationalize staff establishment and maintain the 70:30 ratios of technical and support staff. Additionally, the government has introduced the Privatization Bill, 2023, to streamline privatization processes and reduce reliance on exchequer funding for state-owned enterprises (SOEs). These reforms aim to enhance the financial sustainability and efficiency of state corporations.
• Restructuring of Kenya Power and Lighting Company (KPLC) and Kenya Airways:
  • The government intends to restructure KPLC and Kenya Airways to improve their efficiencies, reduce costs, and enhance their financial sustainability. For KPLC, the government plans to focus on addressing the liquidity gap, settling outstanding rural electrification schemes' operations and maintenance costs, reducing system losses, and establishing a new governance structure. Regarding Kenya Airways, the government aims to turn it into a profitable and sustainable Pan-African carrier, reducing its dependency on budgetary support.
• Settlement of Pending Bills:
  • The government acknowledges the significant amount of pending bills, both at the national and county government levels, which has negatively impacted businesses and led to financial challenges. To address this issue, the government proposes the establishment of a Pending Bills Verification Committee to analyse and settle the outstanding bills. Once cleared, strict adherence to the Public Finance Management Act, 2012 will be enforced to prevent the accumulation of pending bills in the future.
• Financial Sector Stability and Development:
  • The banking sector in Kenya has remained stable and resilient, with increased deposits and pre-tax profits. Non-performing loans have also decreased, indicating the sector's soundness. The government emphasizes the importance of building resilience and exploring emerging opportunities, leading to increased consolidations and regional expansion through acquisitions. The government expects the banking sector to remain stable and continue building on past reforms and initiatives.
• Capital Markets Developments
  • The Capital Markets Authority (CMA) has developed regulations to enable MSMEs to raise debt and equity via the Nairobi Securities Exchange (NSE). Further, the implementation of the Capital Markets (Investment-Based Crowdfunding) Regulations, 2022 by CMA is intended to support Kenyan startups in raising finance from global and local investors.
  • To promote the real estate sector, LAPTRUST IMARA Real Estate Investment Trusts (REIT) has been listed in the NSE providing investors with an opportunity to invest in a diversified portfolio of income-generating real estate assets.
• Pension Reforms:
  • To increase the pension coverage to the informal sector, it is noted that the government is working on a National Pensions Policy and that the national treasury has established the Kenya National Entrepreneurs Saving Trust (KNEST) with a focus on the population in the informal sector. The government intends to promote uptake of the scheme through strategic partnerships and promote voluntary pension contributions.
• Insurance Reforms:
  • Here, the government acknowledges that the insurance sector has grown, and the Insurance Regulatory Authority (IRA) has introduced a microinsurance framework to increase coverage for individuals with low income.
  • There have been proposals in the House Insurance (Amendment) Bill 2023, to include provisions for offences relating to the management of insurers, to enhance the efficiency of IRA.
• SACCO Societies Reforms:
  • The government has proposed amendments to the Sacco Societies Act, 2008 to provide for licensing and supervision of shared SACCO services platform to improve efficiency and competitiveness of SACCOs.
  • It further proposed to establish a framework for the appointment of trustees to the Deposit Guarantee Fund (DGF) to address financially distressed SACCOs.
• Ease of Doing Business and Consumer Protection:
  • The government will ensure that the Competition Authority of Kenya will exempt MSMEs from merger notifications and monitor sectors like manufacturing and Agro processing to protect MSMEs.
  • Further, the CMA is monitoring and investigating consumer issues in the utility sector, pharmaceuticals, digital financial services, e-commerce, insurance, aviation, and safety of basic commodities.

Tax Measures

The national treasury aims to enhance ordinary revenue collection as a share of GDP from 15.1% in 2022/23 to 15.8% in 2023/24. Proposed measures include implementing the National Tax Policy Framework and the Medium-Term Revenue Strategy, rolling out the electronic Tax Invoice Management System (e-TIMS), integrating the tax system with telecommunication companies, mapping rental properties, and enhancing compliance. While these measures may boost revenue collection, expanding the tax base in the informal sector may require careful consideration for effective implementation.

Custom duties

The government made various proposals on custom duties with a view of promoting local production and improving on food security. Among the proposals include:

Issue /Goods	Proposal in the Budget
Raw materials/Input and capital goods	Duty free
Intermediate goods	10%
Finished goods which are not available in the region	25%
Finished goods available in the region in sufficient quantities	CET at the rate of 35%
Imported rice	35%
Wheat	10%
Completely Knocked Down (CKDs) kits for assembly of motorcycles	10%
Imported iron and steel products	35%
Vegetable products	35%
Inputs for manufacture of animal feeds	Duty free
Inputs for manufacture of baby diapers	One year extension to import duty free
Imported diaper	35% (one year extension)
Imported leather and footwear products	35%
Raw materials and input for manufacture of footwear products	Extension to import duty free
Inputs for manufacturing roofing tiles	One year extension to import duty free

Income Tax

The government has proposed a raft of changes to the Income Tax Act. The proposed changes are likely to go a long way in not only improving livelihoods in various ways such as enhancing access to health care for retirees but also in helping the government increase its tax base.

Issue	Proposed changes in the Income Tax Act
Interest on loans borrowed from local financial institutions	Exclusion of interest from interest deduction restriction
Monthly rental income tax	Reduction from 10% to 7.5%
Taxation of gains on shares offered to employees in lieu of their salaries in a startup company	Deferral of taxation of gains for five years or till the employment ceases or till the date of sale of the shares, whichever is earlier
Contributions to a Post-Retirement Medical Fund	Tax relief of 15% or KES 5,000 per month whichever is lower
Investment income earned by Post-Retirement Medical Fund	Exempt from income tax
CGT on transfers of property between related persons	Change of base of CGT from the sale of property to be the original cost before the transfer to the family members in instances where a property is transferred to a 3rd party within a period of less than 5 years.
Digital Asset Tax (DAT)	Introduction of DAT at the rate of 3% on the value of digital asset transferred or exchanged.
Digital Content Monetization	Introduction of withholding tax at the rate of 5 % on the gross payment
Sales promotion, marketing, and advertising services	Withholding tax at the rate of 5% of the gross amount paid to residents.
Corporation tax rate for non-residents	Reduction from 37.5% to 30% and introduction of tax on repatriated profits at 15%
Turnover tax	Increase the rate of turnover tax to 3% and lower the upper threshold of turnover tax from KES 50 million to KES 25 million and retain the lower threshold at KES 1 million.
Local manufacturing of human vaccines	Exempt manufacturers in the sector from withholding tax on interest and royalties paid to non-residents
Additional PAYE bands	Introduction of two additional tax bands: ·        32.5% on incomes between KES 500,000 and KES 800,000 per month; and ·        35% on incomes above KES 800,000 per month

Value Added Tax (VAT)

The proposals made by the government to amend the VAT Act are likely to impact ordinary citizens in significant ways. Here is an overview of as presented by the treasury to parliament:

Goods	Proposed changes in the Value Added Tax Act
Liquified Petroleum Gas	Zero-rated
Exported Services	VAT exempt
Tea purchased from factories or tea auction centers for value addition and subsequent export	VAT exempt
Aircraft, simulators, and spare parts	VAT exempt
Petroleum Products	Revise the current preferential rate of 8% VAT to the standard VAT rate of 16%
Inbound International Sea freight	Zero-rated
Locally purchased machinery for pharmaceutical manufacture	Extend VAT exemption for the manufacture of pharmaceuticals
Services and goods related to the construction of specialized hospitals, tourist facilities etc.	16% VAT
Transfer of business as a going concern	VAT exempt

Excise Duty

To control negative externalities, further changes have been proposed to amend the Excise Duty Act. Below is a comprehensive highlight of the proposals:

Issue/Goods	Proposed Tax changes in the Excise Duty Act
Remittance of Excise Duty on betting and gaming activities	Remit within 24 hours of closure of transactions.
Excise Duty rate for betting, gaming, prize competition, and lotteries	Increase from 7.5% to 12.5%.
Introduction of Excise Duty on imported fish	KES 100,000 per metric ton or 10% of the excisable value.
Excise Duty on powdered juice	KES 25 per kilogram.
Annual inflation adjustment	Repeal the provision for annual adjustment of specific excise duty rates for inflation.
Imported sugar	Introduce KES 5.0 per kilogram (excluding for pharmaceutical use).
Fees charged for alcohol and gambling advertisements.	New Excise Duty of 15% of the excisable value on fees charged
Telephone, internet data services, and money transfer services.	Reduce Excise Duty from 20% to 15% for fees charged for telephone and internet data services & money transfer services by banks. Reduce Excise Duty from 12% to 10% for fees charged for money transfer services by cellular service providers or Payment Service Providers.
Imported Cement	10% Excise Duty of the excisable value or KES 1.50 per kilogram.
Imported Furniture	30% of the customs value (excluding EAC countries).
Imported Paints, Varnishes and Lacquers	15% of the excisable value.

Other Taxes

 Other taxes to which the treasury has proposed changes are as follows:

Issue/goods	Proposed changes other taxes
Employment Act (Affordable Housing Levy)	Introduce an Affordable Housing Levy payable by the employer and employee at a rate of 1.5% of the employee's gross monthly salary.
Exemption of goods produced in Special Economic/Export Zones	Exempt goods produced in these zones, using inputs or raw materials originating from the Customs territory, from import duty when sold in the domestic market.
Miscellaneous Fees & Levies Act i)                 Liquified Petroleum Gas	Remove Import Declaration Fees (IDF) and Railway Development Levy (RDL) on Liquefied Petroleum Gas (LPG)
ii)                Aircrafts, helicopters, aircraft engines and spare parts	Extend the exemption from Import Declaration Fees (IDF) and Railway Development Levy (RDL)
iii)               Import Declaration Fee and Railway Development Levy	Harmonize the rates of Import Declaration Fee and Railway Development Levy at 2.5% and 1.5% respectively for all goods imported into the country
KRA enforcement of tax from betting, gaming, prize competitions and lotteries	Amend the Betting, Gaming and Lotteries Act to allow the Kenya Revenue Authority (KRA) to apply the provisions of the Tax Procedures Act for enforcing tax collection from betting, gaming, prize competitions, and lotteries activities.

Tax Administration

Tax administration is an essential tool in enhancing revenue collection. The following measures have been proposed to facilitate efficiency in tax administration:

Issue/goods	Proposed changes in the Tax Procedures Act, 2015
Reporting by trustee of trusts	Trustees administering trusts to maintain and avail records to Kenya Revenue Authority (KRA).
Tax compliance	Taxpayers to issue electronically generated tax invoices through the electronic Tax Invoice Management System (e-TIMS).
Tax waivers and penalties	Remove KRA's powers to abandon tax and waive penalties and interest that currently exist.
Tax amnesty	Introduce a one-year tax amnesty on penalties and interest on tax liabilities accrued up to 31 December 2022 provided the principal tax is paid by June 2024.
Agency notice	Expand the scope of agency notices to cover default in payment of instalment taxes and situations where a taxpayer has made a self-assessment but failed to pay the tax.
Data Management and Reporting	Commissioner General to provide a data management and reporting system for electronic submission of standardized transactional data on a real-time basis.
Impersonation	Provide for offences and sanctions relating to impersonation of KRA officers.
Offset of tax liabilities	Allow utilization of overpaid tax to offset outstanding tax debts and future tax liabilities
Tax disputes	Provide an additional 30 days for the determination of complex tax cases
Tax refunds	KRA to pay approved refunds within 6 months, with provisions of automatic offset against outstanding tax liabilities if not paid within the specified period.

 Conclusion and next steps

After the presentation of the budget 2023/24 by the Cabinet Secretary for National Treasury and Planning in parliament, the next step is for the budget to be brought before the committee of the whole house. This will take place around the week of 19 June 2023 – 23 June 2023.

At this stage, further changes can still be suggested to the budget estimates and proposals. Including considering the new changes that were suggested by the CS such as reducing the Excise Duty rate for money transfer services by cellular phone service providers and Payment Service Providers from 12% to 10% contrary to the proposal in the Finance bill to increase from 12% to 15%. The whole house could also consider the CS' proposal to remove the Import Declaration Fee and Railway Development Fee from Liquified Petroleum Gas.

It is not a must for the whole house to agree with either the recommendations of the Departmental Committee or the CS. In the recent past, parliament disagreed with the proposal of the Committee on Finance and National Planning to cap capital gains tax at 10% and instead changed it back to 15%. We therefore anticipate that further changes are likely to be made to the Finance Bill 2023 before Parliament takes a vote on the amended version.

The government plans to implement the various tax measures in the Finance Bill 2023 in phases. There are provisions that will take effect on 1 July 2023, others on 1 September 2023 and others from 1 January 2024. We will continue to keep track of the changes and prepare an analysis of the final provisions that will make their way into the Finance Act, 2023.

In the meantime, CDH encourages you to read the following resources:

• Finance Bill, 2023.
• CDH Kenya's analysis of the Finance Bill, 2023.
• CDH Kenya's proposals to Parliament's Departmental Committee to amend provisions of Finance Bill, 2023.
• The Departmental Committee Report, after considering comments from stakeholders during public participation.
• CDH Kenya's analysis of the changes that were proposed by the Departmental Committee on Finance Bill, 2023.
• The Budget Statement.