The final decision on the Finance Bill 2024 was made on July 25, 2024, marking a significant
moment in the legislative process. On this day, members of the National Assembly convened
and unanimously voted to accept the president’s memorandum, a decisive move that effectively
ended the bill’s journey. This memorandum called for the deletion of all clauses in the bill,
including its title, leaving the legislative body with no choice but to comply. The speaker of the
house then communicated to the assembly that he would promptly convey this decision to the
president.
This outcome means that none of the proposals in the Finance Bill 2024 will be implemented,
much to the disappointment of many stakeholders. The bill contained several provisions that
were widely considered beneficial to taxpayers, and their absence will be keenly felt. Key
among these were:
Extension of Tax Amnesty
One of the most anticipated amendments was the extension of the tax amnesty period. This
provision aimed to give taxpayers more time to declare and pay principal taxes without incurring
penalties and interest. It was seen as a significant relief measure, especially for those who had
fallen behind on their tax obligations due to economic hardships.
Increase of Allowable Pension Contributions
Another important proposal was the increase in allowable pension contributions. This measure
would have enabled taxpayers to contribute more to their pension funds while enjoying tax
benefits. The intention behind this was to encourage savings for retirement, ensuring that
individuals could secure their financial future more robustly.
Tax Exemption of Withdrawals from Post-Retirement Medical Contributions
The bill also included a proposal to exempt withdrawals from post-retirement medical funds from
taxes. This was aimed at alleviating the financial burden on retirees, allowing them to access
their medical savings without the additional worry of tax deductions. It was a move that many
believed would significantly improve the quality of life for retirees.
Implications of the Decision
The decision to accept the president’s memorandum and scrap the Finance Bill 2024 has
far-reaching implications. Taxpayers who were looking forward to the potential benefits will now
have to navigate the current tax landscape without the anticipated reliefs. This may result in
continued financial strain for those who were banking on the proposed amendments to ease
their tax burdens and improve their savings.
Broader Legislative Impact
Beyond the immediate financial implications, this decision also reflects on the broader legislative
process and the dynamics between the National Assembly and the presidency. The unanimous
vote indicates a strong alignment with the president’s stance, showcasing a cohesive legislative
approach. However, it also raises questions about the future of similar proposals and whether
they might resurface in different forms or through other legislative efforts.
Future Prospects
Looking ahead, there remains a possibility that elements of the Finance Bill 2024 could be
revisited in future legislative sessions. Lawmakers and stakeholders who supported the bill’s
provisions may continue to advocate for these changes, hoping to find a more favorable
reception in subsequent proposals. For now, though, the focus will likely shift to other pressing
legislative matters as the government and the National Assembly navigate the complexities of
governance and fiscal policy.
The final nail in the Finance Bill 2024 has indeed been driven, marking the end of
a bill that held much promise for taxpayers. As the legislative body moves forward, the impact of
this decision will continue to be felt, and the lessons learned may shape future legislative
endeavors.
BY Eugyne Kwach
