Key Highlights Of the Finance Act, 2019

The Finance Act, 2019 was assented into law on 7 November 2019 by the President of Kenya, Uhuru Kenyatta.

Following the Parliamentary enactment process, the Finance Bill, 2019 was forwarded to the president late September 2019 for assent. However, the president sent it back to the National Assembly on 16 October 2019, together with a memorandum expressing his reservations before he could assent to it. The memorandum sought to delete provisions of the Banking Act which provided for the capping of interest rates. The National Assembly failed to garner the two-thirds majority required to reject the president’s memorandum and as such the interest rate capping provisions were repealed.

Most of the provisions of the Finance Act (the Act) came into force on the date of assent of the Act, with the other remaining provisions to come into force on 1 January 2020.

We have put together a comprehensive overview of the key changes presented in the Act which were not stated in our previous alert that outlined key highlights from the 2019-2020 Budget Statement. Read the full article here.

Should you require more information, please do not hesitate to contact Daniel NgumyKenneth Njuguna or Wangui Mwaniki.

 

 

Daniel Ngumy
Partner
ALN Kenya | Anjarwalla & Khanna
dng@africalegalnetwork.com
Kenneth Njuguna
Partner- Elect
ALN Kenya | Anjarwalla & Khanna
kkn@africalegalnetwork.com
Wangui Mwaniki
Of Counsel
ALN Kenya | Anjarwalla & Khanna
wmw@africalegalnetwork.com

The content of this alert is intended to be of general use only and should not be relied upon without seeking specific legal advice on any matter.


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