Suppliers to Receive Payments within 60 Days Maximum
The Cabinet Secretary for National Treasury Henry Rotich during this year’s budget reading process made it clear that all the suppliers of goods and services to the National Government are set to be receiving their payment by 60 days maximum.
The announcement by the CS will help in ending previous complains by the suppliers over delayed payments. It emerges that the county governments and the national government jointly owe suppliers close to Ksh400 billion in unpaid bills.
Suppliers to the government have been making low profits due to delayed payments; this is according to reports released by the World Bank Economic Update in April.
The 2019/2020 budget allocated Ksh10.9 billion that is to be used in settling the pending bills. Further, the CS asked for amendments to be done so to allow the law to punish entities failing to make payments on time.
The CS also consolidated Uwezo Fund, Youth Enterprise Development Fund, and Women Enterprise Development Fund to Biashara Kenya Fund in a bid to increase efficiency.
An income tax exemption has been made for the youths registered under the Ajira Digital Program for three years. The exception is set to take effect as from 1st January 2020. Instead, they will pay a registration fee of KSh10,000 that will be used to fund the program.
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