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President Uhuru Kenyatta signs into law the Finance Bill 2018

President Uhuru Kenyatta has signed into law the controversial finance bill 2018 on Friday morning.

The bill, passed by the National Assembly on Thursday, reflects the president’s recommendations for a reduction of VAT on petroleum products from 16% to 8% among other amendments on various taxes.

Speaking at State House while signing the bill, the President assured he would not relent in the war against corruption.

A majority of MPs’ opposed to the 8% value added tax on petroleum products alongside others, were shrewdly defeated by denying them the requisite two-thirds majority (233) required to override the President’s recommendations on the finance bill 2018.

The two bills were presented to Pres. Kenyatta for signing by National Assembly speaker Justin Muturi.

The controversial vote meant besides the fuel tax, salaried workers will hand a fraction of their pay to the government to finance a housing project, mobile phone users and bank transfers will incur additional duty, even as the jubilee administration struggles to plug a budget hole created by rising expenditure and shrinking revenues

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