President William Ruto has on Wednesday assented to the Division of Revenue (Amendment) Bill, 2024, the Rating Bill 2022, and the Water (Amendment) Bill, 2024.
According to the President, the Division of Revenue Amendment Bill 2024 provides for Ksh 387 million as eauitable share of revenue with counties, a figure that has reduced from Ksh 400 million following the withdrawal of the Finance Bill 2024.
“The Division of Revenue (Amendment) Act, 2024, provides KSh387 billion as equitable share of revenue to counties for the financial year 2024/2025.
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Initially, KSh400 billion was allocated for the equitable share, but this was reviewed downwards to KSh380 billion following the Finance Bill’s withdrawal.
Eventually, the National Assembly and the Senate struck an agreement and allocated KSh387 billion to counties, representing 24.67 per cent of the most recent audited revenue accounts.
This is way above the 15 per cent minimum constitutional requirement. The Act has allocated KSh2.2 trillion to the National Government.” said President William Ruto
On the National Rating Act, 2024, a clear framework has been set on how valuation and rating will be done especially at the county level in terms of the rates they should charge on properties as per there valuation.
The Water (Amendment) Act, 2024 on the other hand allows for a public-private partnerships by National Government agencies in development of water works in the country.
