@StandardMedia

Treasury PS gives public little time to probe finances

1 months ago, 22 Sep 00:05

By: Otiato Guguyu

[PHOTO: MOSES OMUSULA]

The National Treasury gave Kenyans only one day to comment on the Budget Review and Outlook Paper (BROP), a key document in public financial management.

In a notice dated September 19 but released yesterday, Treasury Principal Secretary Kamau Thugge issued a timeline of one day for the public to put in comments.

“The purpose of this press release is to invite comments on the 2018 Draft Budget Review and Outlook Paper by September 21, 2018 to enable finalisation of the document,” he said.

The document provides a review of fiscal performance for the 2017/18 financial year and how the performance impacts on the financial objectives and fiscal responsibility principles set out in the 2018 Budget Policy Statement (BPS).

It guides how Treasury forecasts revenue growth to plan for the next budget so as not to overestimate and create the huge budget gaps currently dogging the government.

The BROP is prepared in accordance with Section 26 of the Public Finance Management (PFM) Act, 2012 that requires its submission to Cabinet for approval by September 30 in each financial year.

The approved BROP will subsequently be submitted to Parliament.

“In order to finalise the document, the National Treasury is expected by the provisions of the PFM Act to seek views from the institutions listed in the PFM Act, the public and any other interested persons or groups as specified in the relevant sections of the Act,” said Dr Thugge.

According to the paper, the Kenya Revenue Authority failed to raise Sh124 billion - an indication that the tax targets that were actually revised downwards twice were too ambitious.

Taxes paid by formal employees was down by Sh29 billion in a tough year where workers were fired and employment slumped.

Value added tax on local goods went down by Sh12 billion and Treasury is hoping that the controversial eight per cent tax on petroleum products will remedy the shortfall.

 

 


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Category: business news

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@StandardMedia

Treasury PS gives public little time to probe finances

1 months ago, 22 Sep 00:05

By: Otiato Guguyu

[PHOTO: MOSES OMUSULA]

The National Treasury gave Kenyans only one day to comment on the Budget Review and Outlook Paper (BROP), a key document in public financial management.

In a notice dated September 19 but released yesterday, Treasury Principal Secretary Kamau Thugge issued a timeline of one day for the public to put in comments.

“The purpose of this press release is to invite comments on the 2018 Draft Budget Review and Outlook Paper by September 21, 2018 to enable finalisation of the document,” he said.

The document provides a review of fiscal performance for the 2017/18 financial year and how the performance impacts on the financial objectives and fiscal responsibility principles set out in the 2018 Budget Policy Statement (BPS).

It guides how Treasury forecasts revenue growth to plan for the next budget so as not to overestimate and create the huge budget gaps currently dogging the government.

The BROP is prepared in accordance with Section 26 of the Public Finance Management (PFM) Act, 2012 that requires its submission to Cabinet for approval by September 30 in each financial year.

The approved BROP will subsequently be submitted to Parliament.

“In order to finalise the document, the National Treasury is expected by the provisions of the PFM Act to seek views from the institutions listed in the PFM Act, the public and any other interested persons or groups as specified in the relevant sections of the Act,” said Dr Thugge.

According to the paper, the Kenya Revenue Authority failed to raise Sh124 billion - an indication that the tax targets that were actually revised downwards twice were too ambitious.

Taxes paid by formal employees was down by Sh29 billion in a tough year where workers were fired and employment slumped.

Value added tax on local goods went down by Sh12 billion and Treasury is hoping that the controversial eight per cent tax on petroleum products will remedy the shortfall.

 

 


Read More

Category: business news

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NAIROBI, Kenya, Oct 22 - 365 turbines from the Lake Turkana Wind Power project will be connected to the transmission line by the end of this month as the Kenya breaking news | Kenya news today | ...

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