Accountants back four Bills as Treasury gears up for House forum

The enactment of four finance Bills should be speeded up to ensure issues of national interest are addressed in the next financial year, Kenya's accountants' lobby says.

This comes as the Treasury is set to release the financial statement in Parliament on Thursday.

The Bills that the Institute of Certified Public Accountants of Kenya (ICPAK) wants enacted are the financial services authority, the moveable property security rights, the Kenya credit guarantee scheme and the draft county governments Bill.

The institute’s national vice chairman, Mr Julius Mwatu, said the Bill on financial services authority seeks to consolidate existing non-bank financial regulators and create a new framework for the sector.

“The government should reach out to all stakeholders before passage and eventual implementation of the proposed law,” he said.

Moveable property

Mr Mwatu called for enactment of the Bill on moveable property security rights so banks can lend credit using moveable properties as collateral and create an online electronic collateral registry.

He added: “We are in support of this Bill, given that it will improve and strengthen the credit sector.”

Mr Mwatu said the Bill on Kenya credit guarantee scheme seeks to support access to loans by small and medium enterprises.

He said any plan that aims at uplifting the sector is commendable.

Mr Mwatu was speaking to journalists at Travellers Beach Hotel in Mombasa on the sidelines of ICPAK’s annual governance and ethics conference.

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County taxes

Mr Mwatu said the draft county governments (tax regulation process) Bill seeks to regulate the procedure to be followed by devolved units in imposing varying taxes, or in waiving fees, levies and other charges.

“The draft Bill should be subjected to broad stakeholder consultations before introduction to Parliament,” he said.

On the budget policy statement, which will be presented to the National Assembly next week, Mr Mwatu said: “The budget statement will improve the public’s understanding of the country’s public finances. It is our hope that it will guide public debate on economic and development matters”.

Mr Mwatu urged members of the accounts institute to vie for elective positions in the General Election scheduled for August 8 to give the association representation in the National Assembly, Senate and the 47 county governments.

“We have less than 10 MPs in Parliament. Members of the institute should run for elective positions so that we can have strong representation,” he said.