The National Assembly passed the Finance Bill, 2018 on 30 August 2018. In approving the Bill, the National Assembly rejected most of the revenue raising measures that the National Treasury had proposed.
The Speaker of the National Assembly presented the bill to the President for his assent on 13 September 2018. The President, exercising powers under Article 115 of the Constitution refused to assent to the Bill and sent it back to the National Assembly for reconsideration. His main reasons were that the changes would disrupt important government programs whose budget the National Assembly had already approved. In addition, it would force the government which is reeling under debt to borrow more.
On 20 September, 2018 the National Assembly deliberated and approved the President’s memorandum of changes. The President assented to the revised Finance Bill, 2018 on 21 September 2018. The Finance Act, 2018 was gazetted on 28 September 2018.
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