The Speaker of the National Assembly, Rt. Hon. (Dr.) Moses Wetang’ula has asked Members of the Institute of Certified Public Accountants of Kenya (ICPAK) to engage the National Assembly Committee on Finance and National Planning concerning the proposed tax measures.

Hon. Wetang'ula said that the Committee is currently considering the Finance Bill, 2024 which he said has proposed a raft of amendments to various tax laws attracting debate.

He asked the accountants to take a lead in advising the Committee on the effects of each of those proposed tax laws as part of the body’s direct contribution to national growth and development. 

Speaker Wetang’ula called on the professional accounting body to spearhead reforms on enhancing public resource utilization for efficiency in public service.

“This Seminar comes at a time when the nation is experiencing various economic challenges which require concerted efforts towards developing innovative solutions”, noted the Speaker.

Speaker Wetang’ula underscored ICPAK's role in advising on financial accountability and shaping sound economic policies, particularly regarding tax laws and public debt management.

Speaking during the 41st Annual Seminar of the Institute of Certified Public Accountants of Kenya (ICPAK) in Mombasa, on Tuesday, Hon. Wetang’ula told the accounting body to guide national economic policies by conducting robust research in financial matters.

Referencing Article 201 of the Constitution, which underscores principles of public finance such as openness, accountability, and prudent use of resources, Speaker Wetang’ula stressed that accountants are crucial in ensuring these principles are upheld, in managing high public debt, inflation, and a weakening currency hence stabilising the economy.

He further reminded the Accounting Professional Body that their Act mandating ICPAK to advise the Cabinet Secretary on financial accountability in all sectors of the economy.

Acknowledging that the accounting profession is the engine that propels the country towards responsible financial management, the Speaker asked accountants to ensure that every institution works towards a trajectory that follows the principals of public finance while emphasizing on the role of the professional in contributing to national growth and development.

He asked the accountants to look into the magnitude of public debt and define possible ways of bringing down the cost of living in the country through ensuring that the official policies and procedures are followed to avoid creating more debts otherwise called pending bills.

He underscored the importance of the collaboration between the National Assembly, ICPAK, and other stakeholders to drive Kenya’s economic development, with a collective goal of elevating the country to new economic heights through responsible financial management and governance.

This year’s seminar presided over by the Speaker as Chief Guest is themed

“𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐚𝐧𝐜𝐲 𝐏𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧’𝐬 𝐂𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐭𝐨 𝐍𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐆𝐫𝐨𝐰𝐭𝐡 𝐚𝐧𝐝 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭, which is a critical topic in dissecting the essential role accountants play in guiding the nation towards financial stability and prosperity

While highlighting legislative efforts, the Speaker pointed to the National Assembly’s recent passage of critical bills, including the Digital Health Bill, Social Health Insurance Bill, Affordable Housing Bill, and Climate Change (Amendment) Bill saying that these laws are integral to the Government’s Bottom-Up Economic Transformation Agenda (BETA) which he said aimed at to reducing the cost of living, create jobs, and promote inclusive growth.

Notably, the Speaker indicated that there has been a recurring challenge every financial year facing the Budget and Appropriations Committee which he said is grappling with the deadlock on equitable share of revenue, with the National Assembly proposing Sh391 billion and the Senate Sh415 billion.

He urged the profession to advise the legislature on striking a balance between ensuring adequate funding of county governments amidst a tight fiscal environment facing the country while guarding the objects of devolution as enshrined in the Constitution.

Speaker Wetang’ula assured ICIPAK Members that the National Assembly fulfils its oversight role through watchdog committees mandated to scrutinise state organs to ascertain prudent use of public resources.

He urged ICPAK to take a proactive role in assisting Kenyans, including offering pro-bono services to bridge the knowledge gap in rural areas and build capacity.

“Be proactive in helping Kenyans through pro-bono service in the rural areas. We need to bridge the knowledge gap and build capacity of our communities back home,” said Speaker Wetang’ula.

The Auditor General FCPA, Nancy Gathungu noted that this year’s conference and theme was timely and came at a time when the Country is currently discussing the proposed 2024/2025 Financial year’s national budget which requires the Body’s professional input.

The Chairperson of ICPAK Chairman, Mr. Philip Kakai, urged for a balance approach in considering the Finance Bill leading to the 2024/2025 Budget while referencing the National Tax Policy.