The Bill formulates the proposals announced in the Budget for 2016/2017 relating to liability to, and collection of taxes and for matters incidental thereto. Finance Act, 2016. It is scheduled for debate in the National Assembly, could allow the Kenyan Revenue Authority to have access to not only examine M-Pesa records but also information on businesses’ and individuals’ bank accounts on a rolling basis without a warrant.
The Bill seeks to amend the Banking Act to provide for the expansion of the framework for credit information sharing for the improvement of ease of doing business ranking while facilitating the reduction cost of credit in the economy. The Bill further seeks to amend the Act to Involve the Cabinet Secretary in the management, control and conduct of the affairs and business of an institution and enhance penalties as a deterrent factor in relation to offenses under the Act. The Bill also seeks to amend the Second Schedule to the Act to provide for a higher minimum core capital for banks and mortgage companies and for the dates of achieving the thresholds set out in the Schedule.
The Bill also seeks to amend the following laws:
- The Retirement Benefits Act (Cap. 197)
- The Kenya Revenue Authority Act (Cap. 469)
- The Capital Markets Act (Cap. 485A)
- The Banking Act (Cape 488)