NAIROBI, Kenya Apr 16 – A Bill seeking to amend the Value Added Tax has been formally introduced in the National Assembly through a legislation process known as First Reading.
Majority Leader Kimani Ichungwah is seeking to lower VAT on petroleum products from 16 percent to 8 percent for a period of three months.
The Bill was refereed to the House Finance and Planning Committee where it will undergo parliamentary scrutiny and public participation before it can be enacted into law.
The move comes after public uproar after the Energy and Petroleum Regulatory Authority, adjusted increased by Sh28.69 per litre, while Diesel has recorded a steeper rise of Sh40.30 per litre.
Following the adjustment, a litre of Super Petrol will now retail at Sh206.97 per litre, Diesel Sh206.84 per litre.
President William Ruto yesterday announced rolled out a package of interventions to manage fuel price pressures amid global market volatility.