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THE STANDARD By Dominic Omondi | March 16th 2021 at 10:57:57 GMT +0300 Development spending is the biggest casualty in the government’s latest austerity drive with Treasury’s disbursement to ministries dropping by 54 per cent in February. State agencies received Sh163 billion in the eight months of the financial year (FY) 2020/21 for development spending, a substantial drop from Sh360.6 billion that they received in the same period last year, This is captured in the latest Statement of Actual Revenues and Net Exchequer Issues by the National Treasury. With only four months to the end of FY2020/21, 11 State agencies have not received any funds for development, an indicator that Treasury is keen on saving the cash or does not have it.
Cash crunch as 11 State entities miss development cash standardmedia.co.ke - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from standardmedia.co.ke Daily Mail and Mail on Sunday newspapers.
By Soko Directory Team / Published December 23, 2020 | 12:13 pm Kenya’s parliament has approved the National Treasury’s decision to revert taxes to Pre- Covid levels in January 2021 to manage the growing revenue deficit, cutting short the relief that Kenyans have been enjoying since President Uhuru Kenyatta made the order. The government in March temporarily reduced taxes aimed at offering a reprieve for businesses and consumers who had been adversely affected by the pandemic. According to the President, the move was to cushion Kenyans against the effects of Covid-19. In this case, income tax was reduced by 5.00 percent to 25.00 percent while VAT was cut by 2.00 percent to 14.00 percent. With the approval, VAT now goes back to 16 percent and income tax back to 25 percent.