News

 

Sunday, 9th October, 2020

 

The National Treasury and Planning has embarked on the process of preparing the Financial Year 2021/22 National Budget as required by the provisions of the Public Finance Management Act, 2012, and the Constitution.

 

 

 

Article 201 of the Constitution requires openness and accountability, including public participation in financial matters. These requirements have always been upheld in the preparation of the annual National Budgets by the National Treasury and Planning.

 

In this regard, the National Treasury and Planning hereby invites institutions, the private sector, non-governmental organizations and the general public to submit taxation proposals that the Cabinet Secretary for the National Treasury and Planning could consider while preparing the National Budget for the Financial Year 2021/2022. These taxation proposals are usually processed the Finance Bill every financial year.

 

As required by the Public Finance Management Act, 2012, the Finance Bill should be submitted to the National Assembly not later than 30th April of every year to facilitate its approval and presentation for assent by 30th June.  Taking into account these requirements, and to facilitate timely consultations with the stakeholders, the proposals should be submitted in writing to the undersigned or through the email [This email address is being protected from spambots. You need JavaScript enabled to view it.] not later than 15th November, 2020.

 

 

The proposals should be aimed at supporting economic recovery from the effect of the Covid-19 pandemic, strengthening the revenues in the fiscal framework especially in support of the “Big Four” Agenda currently under implementation by the Government. In addition, the proposals may include measures on regulatory reforms, revenue administration reforms, and measures to strengthen macroeconomic stability.

 

The submissions should be specific on the proposed amendment to the law, supported by a statement on the issue to be addressed and a clear justification for the proposed amendment.  The review of the proposals, consultations and their consideration will commence on 16th November, 2020, immediately after the deadline of submissions.

 

HON. (AMB.) UKUR YATANI, EGH

CABINET SECRETARY/THE NATIONAL TREASURY & PLANNING

9th October, 2020