ICPAK warns of low taxes, ballooning wage bill
The Institute of Certified public Accountants of Kenya (ICPAK) is banking on amendments to the Procurement Act, 2015 to seal corruption loopholes in the public finance management in the country.
Speaking in Mombasa yesterday, ICPAK chair Rose Mwaura said changes will reduce they of public money.
“Policies and legislative frameworks that safeguard the utilisation of public finance in taming the runaway corruption are impressive.
Amendments to the Procurement Act, 2015 that obligate accounting officers to ensure that procurement of goods, works and services are done as per the procurement plans will seal loopholes in public finance management,” she said.
Further, Mwaura said while the institute takes cognizance of the efforts by the government to initiate constitutional amendments that would have far-reaching consequences, it is imperative to examine the financial implications that may crop up thereafter.
“It is noteworthy to critically examine the financial implications that the expansion of the government through the Building Bridges Initiative (BBI) is bound to have on the taxpayer.
The imminent public wage bill will crowd out the scarce resources needed to implement the huge budget in Kenya for sustained economic growth,” she said.
The institute is for a pragmatic approach and consensus building to consolidate the advantages that the BBI brings whilst fixing contentious areas.
“However, ICPAK welcomes initiatives that are geared towards fostering inclusivity, gender and regional balance in the distribution of resources and management of the affairs of this country.
Of notable interest is the strengthening of key institutions to effectively discharge their mandate,” Mwaura added.
