Annual Budget Review Seminar 2019 | ICPAK | 14 June 2019 | Hilton Hotel, Mama Ngina St Nairobi KE, Kenya

The budget review seminar is an annual forum convened by the Institute of Certified Public Accountants of Kenya with the goal of assessing the national budget adopted by government. The review focuses on government’s expenditure priorities, revenue forecasts and their implications on tax and economic growth among other related issues. The 2019/2020 budget is pivotal as it will influence the success or failure of the administration in achieving its agenda.

The budget estimates projects government expenditure at 2.76 trillion, a notable decrease from the previous fiscal year’s budgeted expenditure. It ambitiously forecasts total revenue for 2019/2020 including Appropriations in Aid at Ksh 2.08 trillion up from Ksh 1.83 trillion projected in financial year 2018/19. This is likely to translate to tighter measures by tax authorities in pursuit of meeting this revenue target as well as increased domestic and external borrowing.

The Kenyan economy recorded an actual economic growth rate of 6.3 per cent in 2018 with the projected growth for 2019/2020 fiscal year being 6.4%. The government will seek to meet this projection by supporting critical sectors such as agriculture. Other major beneficiaries of the budget include the education and national security sectors. Of key interest in reviewing this year’s resource allocation are the pillars of the Big Four Agenda as they demarcate the government’s quantified priorities.