Residents of Vihiga County on Tuesday presented their views on the Finance Bill 2026 during a public participation forum held at Praise Centre in Mbale.
The forum was led by members of the National Assembly Departmental Committee on Finance and National Planning, including Kitui Rural MP David Mwalika and Butula MP Joseph Oyula, alongside Deputy County Commissioner Linet Orina.
The leaders guided members of the public through the proposed legislation and sought their views on key provisions contained in the Finance Bill and related legislative proposals, including the Sovereign Wealth Fund Bill, the Central Bank of Kenya (Amendment) Bill, and the Kenya Revenue Authority (Amendment) Bill.
According to the committee, the Sovereign Wealth Fund Bill seeks to establish a national fund aimed at promoting long-term fiscal sustainability and intergenerational wealth sharing through revenues generated from mining royalties, petroleum profits, and other approved sources.
The proposed fund will comprise a stabilization fund to cushion the economy against shocks, a strategic infrastructure investment fund to support development projects, and a future generations fund to preserve wealth derived from non-renewable resources for future generations.
The committee further explained that the Central Bank of Kenya (Amendment) Bill seeks to strengthen the legal framework for liquidity support to financial institutions and enhance parliamentary oversight in the appointment of deputy governors.
Meanwhile, the Kenya Revenue Authority (Amendment) Bill proposes to align revenue administration laws by removing outdated legal references and replacing them with current legislation.
During the forum, residents raised concerns over the possible impact of proposed tax measures on the cost of living, particularly the introduction of Value Added Tax (VAT) on digital financial services.
Participants sought clarification on whether the proposed changes would increase transaction costs for mobile money services such as M-Pesa and questioned the exemption of certain goods, including motorcycles, from the standard 16 percent VAT.
They also sought explanations on proposed excise duty changes affecting mobile services and the potential cost implications for consumers acquiring new mobile devices.
The legislators explained that provisions relating to digital financial services are primarily targeted at large service providers and are designed to safeguard consumers from increased transaction charges.
On mobile device taxation, the committee noted that the proposed consolidation of several import-related taxes into a single duty structure is intended to simplify taxation and improve affordability.
The committee assured residents that all views collected during the public participation exercise would be considered before the bills are tabled for debate in Parliament.
Public participation on the proposed legislation is ongoing in other counties across the country as Parliament continues to gather public input on the measures.
By Crispinus Ivan and Winstar Jaika
