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Cabinet Brief 13.06.13

Cabinet Brief 13.06.13

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Published by Nathan Hughes
Cabinet Meeting and Approvals.
Cabinet Meeting and Approvals.

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Categories:Types, Speeches
Published by: Nathan Hughes on Jun 13, 2013
Copyright:Attribution Non-commercial


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CABINET BRIEF: June 13, 2013
President Uhuru Kenyatta chaired the second Cabinet meeting today at State House, Nairobi andapproved a number of bills and legal notices.Cabinet has approved the Finance Bill 2013 under which 8 Bills namely: VAT Act Repeal Bill, the CMA(Amendment) Bill, the Insurance (Amendment) Bill 2013, the Microfinance (Amendment Bill) 2013, theTax Appeals Tribunal Bill 2013, the Kenya Deposit Insurance Act (Amendment) Bill, 2013 and theInsurance (Motor Vehicle Third Party) Amendment Bill 2013, were approved.The Insurance (Amendment) Bill 2013 seeks to deepen the penetration of insurance, where banks willbe allowed to operate as insurance agents. The Bill will also ensure implementation of the requirementsof the East African Community Common market Protocol in order to open up business opportunities toEast Africans.The Microfinance (Amendment Bill) 2013 will give powers to the Central Bank to promptly move into atroubled microfinance institution to forestall the deepening of a financial crisis.The Tax Appeals Tribunal Bill 2013 seeks to streamline the tax dispute resolution framework bysimplifying the process. An appeals tribunal will be created to replace the quasi-judicial disputeresolution bodies.The Kenya Deposit Insurance Act (Amendment) Bill targets to strengthen the regulatory framework of the Kenya Deposit Insurance Corporation. Once enacted, the law will enhance protection of depositsand savings through a strong mandate and corporate governance.The Insurance (Motor Vehicle Third Party Risks) Amendment Bill 2013 seeks to amend the insurance(Motor Vehicle Third Party Risks) Act. The law will provide for a structured Compensation LiabilitySchedule. This will enable compensation of people in the event of death or injuries.Cabinet also approved a number of Legal Notices aimed at operationalizing futures, derivatives andasset backed securities markets.The Legal Notices also aim at introducing new investment vehicles and products such as real estateinvestment trusts as well as the prosecution of market manipulation offenders.Also approved were the proposed amendments to the Procurement Regulations to shorten the periodfor procurement of goods and services to a maximum of 30 days from the date of the expression of interest to the delivery of goods. The amendments also shortened the appeals window for complaintsregarding procurement.Cabinet has also ordered the immediate implementation of a number of measures that they approved
last week to protect the country’s wildlife
.The measures to be implemented are:-

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