President Ruto assented to the Division of Revenue (Amendment) Bill, 2024.
President William Ruto assented to the Division of Revenue (Amendment) Bill, 2024, the Rating Bill 2022, and the Water (Amendment) Bill, 2024, State House Nairobi.
The Division of Revenue (Amendment) Act, 2024, provides KSh387 billion as equitable share of revenue to counties for the financial year 2024/2025.
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.
The National Rating Act, 2024, creates a standard framework for valuation and rating, and lays clear guidelines on how counties should assess property value and charge rates, among others.
The Water (Amendment) Act, 2024, provides for public-private partnerships in financing the development of water works by National Government agencies.
