4.30pm: Githae concludes his budget statement.
4.25pm: Githae says the law will be amended to make banks liable for the omissions or commissions of their agents.
4.24pm: Githae says trend globally is to converge financial services. Will review the Banking Act to accommodate this.
4.22pm: The Ministry of Finance has started review of Income Tax and Excise Tax and will review the structure of the Kenya Revenue Authority.
4.21pm: Review of VAT law finalised to align it to the constitution.
4.18pm: No more tax exemptions by virtue of holding public office.
4.17pm: Githae says to prevent further losses in the second hand clothes business KRA will revert to previous tax regime to make mitumba affordable.
4.16pm: Githae says KRA will map all residential areas to ensure all landlords are brought into the tax net and all rental income taxes are paid.
4.15pm: Githae reduces rate on duty for food supplements from 10pc to zero to make imported food supplements cheaper.
4.12pm: Githae removes duty on set-top boxes to be used in digital TV migration. He has increased import duty on galvanised wire from zero percent to 10pc to protect local industries.
4.11pm: Githae turns to taxation and other measures to meet his budget proposals.
4.03pm: Githae says Sh17.5 billion allocated to the IEBC and challenges the commission “to work smart and prudently” to conduct a credible poll within this resource.
4.02pm: Githae says during transition, national government will continue to offer services but shift recourses to marginalised counties.
3.58pm: Githae says to increase labour absorption, the Kenya Youth Empowerment project has been funded to the tune of Sh490 million. The Youth Enterprise and Women Funds have been boosted by Sh450 million and 550 million respectively.
3.55pm: Githae says to scale up irrigation; an additional Sh8 billion has been set aside. The National Irrigation Board (NIB) will be expected to shift to drip irrigation as a more economical way to expand irrigation.
3.53pm: Githae says he has allocated Sh4.4b to orphans and vulnerable children while Sh1b will go to deserving elderly people each receiving Sh2,000 per month
3.49pm: Githae says to improve access to quality healthcare, the government has allocated an additional Sh12.3b to the sector, raising the total allocation to Sh85b in this financial year.
3.47pm: Githae says Sh1.1b will be set aside for a bursary programme to cater for bright orphans countrywide.
3.45pm: Githae says priority sectors like health, education, agriculture drought and disaster management, the Constitution and funding the election will continue to receive adequate resources
3.44pm: Githae says to boost trade, road blocks will be abolished to reduced to a bare minimum.
3.41pm: Githae says the EAC Common Market Protocol establishes a single customs territory and to mainstream the customs department with this, KRA will be rationalised to establish a customs service as an autonomous entity.
3.35pm: Githae says the government will increase the country’s policing capacity and has allocated Sh83.5b to security.
3.33pm: Githae says he expects that the Public-Private Sector Partnership law to be tabled in Parliament soon will increase private sector participation in infrastructure development.
3.30pm: Githae says the government will provide substantial resources to infrastructure development. As a result, some Sh268.1 billion has been set aside in the 2012-13 budget for infrastructure development.
3.29pm: Githae says the CBK’s Monetary Policy Committee is committed to bring inflation down to single digit level, and hopes to keep it at five percent in the medium term.
3.28pm: Githae says the economy has stabilised and inflation eased since November 2011.
3.26pm: Githae says to accommodate additional expenditure the Treasury rationalised ministerial proportions. He further expects additional resources from the African Union Mission in Somalia (AMISOM) to fund military operations in Somalia.
3.24pm: Githae says given limited access to public resources, Kenya will continue to rely on private sector input. As a result, the State will sustain macroeconomic stability and enhance private sector access to credit.
3.22pm: Githae says global economy will grow by an average of up to 3pc percent this year. Advanced economies will grow by 1.7pc while developing economies will grow by an average of 6pc.
3.21pm: Githae says Kenya must confront challenges boldly but within its means.
3.18pm: Githae says the country must acknowledge that accelerating growth requires tough choices, hard work and determination by Kenyans.
3.18pm: Githae says the country must acknowledge that accelerating growth requires tough choices, hard work and determination by Kenyans.
3.15pm: Githae says Kenya must build on the successes of the Kibaki regime, which has led him to give the 2012-2013 budget statement the theme: ‘Deepening Economic and Social Prosperity within a System of Devolved Government.’
3.14pm: Githae says under Kibaki, the government has disbursed billions under the Constituency Development Fund, women and youth funds.
3.13pm: Githae says the number of people on ARV drugs has been on the rise under President Kibaki’s leadership.
3.12pm Githae says return of peace made the economy rebound in 2010 after a slump following the 2008 violence.
3.11pm: Githae points out that this is the final Budget Statement being given under the leadership of President Mwai Kibaki
3.10pm: Finance Minister Robinson Githae begins presenting the Budget Statement for the fiscal year 2012/2013.
3.07pm: Speaker Kenneth Marende declines to give any directions on the issue raised by Gwassi MP John Mbadi saying the Constitution is Supreme Law of the Land but it has taken over from a dispensation that was also covered by a Constitution.He said implementation of the constitution is not a one-day event but a continuous process. He added that Kenya has continued to make positive progress
3.05pm: Gwassi MP John Mbadi seeks directions from the Speaker on whether the Finance Minister will be presenting a Budget Statement given the funfair associated with previous Budgets and the fact that the President is not occupying the seat reserved for the member for Othaya.
National Assembly Clerk Patrick Gichohi calls Order number eight, which is the presentation of the Financial Statement for the fiscal year 2012/2013 – pursuant to standing order 148(1) & (2).
Speaker Kenneth Marende calls for the next Order.
3.02pm: Speaker Kenneth Marende calls for the next Order.
3.01pm: President Mwai Kibaki takes his seat in the Old Chamber of Parliament in readiness for the reading of the 2012-2013 Budget statement by Finance Minister Robinson Githae.
3.00pm: President Mwai Kibaki makes his way to the Old Chamber of Parliament for the reading of the 2012-2013 Budget statement by Finance Minister Robinson Githae.
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