President William Ruto has assented to four Bills that seek to unlock Sh70.6 billion for counties, including the repeal of the 1929 tax law.

The laws were signed at the State House, Nairobi, on Friday, November 21, and take effect immediately.

The County Governments Additional Allocations Act provides an extra Sh70.6 billion to devolved units in the 2025/2026 financial year.

Sh9.98 billion from the National Government’s share will go towards settling salary arrears for doctors and Community Health Promoters and completing County Aggregation and Industrial Parks. Counties will also receive Sh57.7 billion from development partners for various projects.

The law builds on constitutional mandates to ensure counties have sufficient resources to perform their functions.

Previous delays in disbursements of additional allocations disrupted development and service delivery, a challenge this Bill aims to address through a more predictable funding mechanism.

The Capital Markets (Amendment) Act modernises the regulatory framework for licensing capital markets intermediaries to revitalise the sector, improve efficiency, and enhance the ease of doing business.

 The law removes shareholding limits to attract greater investment in regulated institutions.

The Provisional Collection of Taxes and Duties (Repeal) Act removes the 1929 statute that allowed Parliament to introduce taxes before full legislation was enacted.

 Courts declared the provision unconstitutional in 2018, affirming that all taxes must follow properly enacted laws.

The Government-Owned Enterprises Act introduces best governance practices in State corporations. It mandates the appointment of independent board members through a transparent and competitive process, requires public service obligations to be clearly costed and approved by the National Treasury, and strengthens accountability.

 The Bill forms part of a broader reform to modernise commercial state corporations, improve governance, and reduce financial inefficiencies.