LIVE TEXT: Kenya Budget speech

June 10, 2010 12:00 am

, 4.45 – Speaker adjourns the House to Tuesday June 15, MPs proceed to a party hosted by the Finance Minister

4.41- Mr Kenyatta concludes his Budget Speech with a re-emphasis on youth empowerment

4.38 – CMA Act to be amended for Demutulisation of NSE.

You can download the full Budget speech and Finance Bill here.

4.37 – Shariah banking rules to be considered

4.37 – CBK to share information on surveillance of Forex Bureaux with other agencies

4.36 – KACC to remit funds from seized property to the Consolidated Fund

4.35 – Mr Kenyatta outlines various amendments to the Central Bank Act

4.34 – Ownership of insurance companies to be opened to all east Africans

4.33 – Policy Holder Compensation Fund: Minister proposes amendment to the Insurance Act to require directors of insurance firms which default to be punished and be made liable to pay the principal sum and interest thereof.

4.33 – Public Procurement Act to be amended

4.28 – Government announces a tax amnesty for Kenyans in the Diaspora, which will be in force up to June 2011

4.27 – Value Added Tax held by Ministry of Roads to be pegged from 16 percent to 18 percent

4.26 – Mr Kenyatta directs KRA to publish tax returns procedures online

4.25 – Excise duty on beer increased from Sh54 to Sh65 per litre. The government hopes to generate an additional Sh2.5 billion through this measure.

4.22 – Banking Act to be amended

4.20 – Reduce penalty rate on land rate from 2pc to 1pc

4.19 – stamp duty on mortgage reduced from Sh2 to Sh1 for every Sh1,000

4.18 – New property owners encouraged with the reduction of penalty from 25 percent to five percent

4.16 – To promote the poultry industry, government exempts import duty on poultry food.

4.16 – Duty on imported wheat lowered from 35 percent to 10 percent

4.15 – Mr Kenyatta commences to outline tax intervention measures

4.07pm – Implementation of last Budget affected by prolonged drought and total revenues fell by Sh500m

4.05 – Sh7 billion allocated to the Interim Independent Electoral Commission for civic education and August 4 referendum

4.04 – Withholding tax on leased product to be removed

4.01 – Mr Kenyatta urges Kenyans to “buy Kenya and build Kenya”

3.58 – Government sets up a Sh3.8 billion revolving fund to support SME’s in the country, to be distributed through commercial banks. Banks expected to inject five shillings for every one shilling that the government has invested.

3.54 – Two thousand tutors to be employed for village polytechnics countrywide. Sh640 million budgeted for expansion of national technical colleges.Sh560 million to upgrade 14 public information colleges in the country
3.53 – To expand economic opportunities for the youth, the government sets aside Sh1 billion for youth technical empowerment

3:51 – The government to initiate more programmes to enhance financial reforms

3.46 – Sh2 billion set aside for environmental conservation

3.44 – 100 veterinary officers to be recruited translating to 20 in each ASAL areas. 180 motor vehicles to be provided.

3.43 – Sh150 million allocated to construction of four slaughterhouses. Sh250 million for slaughterhouses for beef production locally

3.42 – ASAL areas to be made productive. To this end, the government sets aside Sh2 billion for construction of dams, Sh375 for flood control dams. 

3:32 – Sh400 million allocated for the purchase of fixed maize driers. 15 rice millings plants also to be constructed

3.31 – Government to hire, on contract terms, six extension officers for every constituency and 300 vehicles to be purchased for the officers

3.28 – Sh9.6 billion allocated to education and health. Another Sh11.4 billion set aside for fish farming and agriculture in ASAL areas

3.26 – Sh14.3 billion for Constituency Development Fund intended to finance projects at constituency level

3.26 – Sh5.7 billion budgeted for maintenance of roads which translates to Sh27 million for each constituency

3.21 – Sh900 million set aside for the provision of anti retroviral drugs in the country

3.21 – Three hundred ambulances to be purchased

3.20 – Sh5 million allocated for the expansion of healthcare in each constituency

3.20 – Sh265 allocated to the Ministry of Public Health and Sanitation for the purchase of five motorcycles in every constituency. Sh1 billion budgeted for the recruitment of 15 nurses and five technical staff in every constituency.

3.18 – Sh30,000 each for 300 schools in every constituency to purchase seedlings as part of environmental conservation.

3.17 – To bridge the digital gap, Sh1.3 billion allocated to purchase 300 computers in each constituency. The equipment to be sourced from public computer assembly’s workshop

3.15 – To upgrade and expand education and quality of education, an extra Sh2 billion set aside to finance free primary and free secondary education

3.10 – Government to accelerate a single window for faster clearance of cargo. Standard Gauge railway from Mombasa to Malaba to be constructed for faster movement of cargo

3.09 – 500MW additional power through geothermal in four years.

3.09 – Sh5.4 billion allocated for rural electrification.

3.08- Government to ensure cost of energy is not unaffordable. Cost of power to be made predictable.

3.07 pm – Roads Ministry gets Sh78.6 billion which is 34 percent more than last financial year. Sh4.2 billion set aside for the upgrade of Isiolo road to connect it to Ethiopia.

3:01 – Government to streamline VAT refunds. All outstanding refunds will be cleared by end of July 2010. KRA will refund from July 1. Claims that meet low risk critreria to be paid within 120 days. Severe penalties for those firms involved in fraud.

3:00 – To improve business climate, government plans to introduce the Company’s Bill, Insolvency Bill, Partnership Bill as well as Deposit Protection Bill

2:58 – Local authorities urged to facilitate business

2:58 – Capital Market Authority Act to be amended for demutualisation of the Nairobi Stock Exchange

2.57 – Government to control domestic borrowing reduced debts from 5.1 percent to 3.8 percent.

2.56 – All accounting officers required to give timelines of all projects

2.55 pm IFMIS to be implemented. All accounting officers required to be involved in implementation as part of their performance contract

2.50pm – Government to appoint tax reform commission to come up with a tax code which is simpler and in line with Vision 2030

2.49pm – The government to take stiff action against tax evasion. Minister singles out some forex bureaux and directs CBK and KRA to take audits of forex bureaux and report back by September.

248 – KRA to introduce automated system in tax collection management. KRA to roll out electronic cargo tracking system.

2.47 – Kenya is prepared to implement EA Common Market Protocol and appeals to EAC members to follow suit.

2.47 pm – Government targets five percent economic growth in 2010/2011

2.45 – Govt to equip youths with technical knowledge as a measure to improve their well being

2.44 – Investments in health, education, agriculture also in roads, rail and water sectors

2.44 – We will implement measures for faster development to attract investments to exploit full economic pontential

2.43pm – says the economy to reach the seven percent growth.

2.39pm Exchange rates remained stable but weakened in May due to instability in Europe caused by debt crisis.

2:38pm: Prudent management of fiscal and monetary policies has ensured price stability. Reduced prices of food items in the first part of 2010 complimented monetary policies to bring down inflation.

2.33pm Mr Kenyatta takes the floor

2pm Deputy Prime Minister and Minister for Finance Uhuru Kenyatta arrives at Parlaiment Building ready to present the 2010/2011 Budget.

The Minister was escorted into Parliament Buildings by his Assistant Oburu Odinga and the Planning Minister Wycliffe Oparanya.

Mr Kenyatta was to tell the country how he intends to raise the Sh996.8 billion in his estimates.


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