National Treasury Cabinet Secretary John Mbadi said he will reduce VAT from the current 16 per cent to 14 per cent and corporate taxes from 30 per cent to 25 per cent, as part of the medium-term budget strategy.
During vetting for his position, Mbadi promised radical changes in various dockets under his portfolio.
Mbadi on Friday signed the credit facility agreement in Beijing, China with Tan Jiong, President of the China Development Bank.
According to a statement from the Treasury, the regional gathering honoured the 25th anniversary of efforts to combat money laundering and terrorism funding.
According to real-time numbers provided by the CS, the taxman might have collected more than Sh3 trillion in the fiscal year ending June 30, 2024.
CS Mbadi defended the plan, stating that it is one of the progressive measures in the bill that will be reviewed in subsequent parliamentary procedures.
In June 2024, the Court of Appeal halted plans to hire 46,000 intern teachers on permanent and pensionable contracts.
Mbadi urged Kenyans to be prepared for new legislation as it is part of governance and encouraged people to always be part of the public participation process.
President William Ruto abandoned the finance bill for this fiscal year on June 26, and later dismissed most of his cabinet, bowing to pressure from protesters who had stormed parliament and launched demonstrations across the country.
The Coalition is facing significant turbulence after President William Ruto appointed four ODM politicians from Azimio leader Raila Odinga's party to serve in his 'broad-based' government.
Atwoli decried how, in the past, blindly adopting the IMF's guidance has resulted in negative consequences for citizens and workers, as well as protests.
The new CS said a team is working on some of the proposals from the withdrawn Finance Bill 2024, which he said contain valuable revenue-raising measures.
The members aim to succeed Mbadi who was appointed Cabinet Secretary for the National Treasury.
Wanga, who is the party's branch chairperson for Homa Bay County will now be overseeing all branches countywide to replace the nominated MP and former Suba South lawmaker who was nominated to Cabinet.
President William Ruto abandoned tax hikes worth more than Sh346 billion ($2.67 billion) after protests that killed more than 50 people.
Mbadi extended his gratitude to President William Ruto for nominating him to the position and also to his party leader, Raila, for shaping his political career.
"Those issues around Arror and Kimwarer and such-like projects will not happen during my tenure," he vowed.
"We must settle all their pensions for those who are eligible," he promised.
The former ODM Chairman has previously criticised the model, dismissing it as populist rhetoric with little practical substance.
If approved and in his capacity as the Treasury boss, Mbadi noted that he remains the principal advisor to the president on matters of finance.