⚠️📉💼 Opponents have cautioned that the proposed measures will have a severe impact on small businesses, which are the backbone of the economy. Full story on TheCitizenNews ⤵️
Despite pledging to improve the lot of impoverished Kenyans during last year's election campaign, Ruto is now taking the politically unpopular step of raising taxes. They are all being targeted by Kenya’s taxman in a raft of new proposals aimed at filling the coffers of President William Ruto’s cash-strapped government.
“Every time you go to the shop, you find prices have gone up. But our earnings haven’t increased. Life is very difficult.” Kenya is also labouring under a $70 billion debt mountain, spooking credit ratings agencies including Moody’s which last week downgraded the country’s sovereign debt rating further into junk territory.Ruto insists he is making the “right decisions” to get the economy and government finances back on track in the face of pressure for reforms from the International Monetary Fund .
Among foodstuffs, imported fish, locally manufactured sugar confectionery, powdered juice and locally produced pasta will attract new excise duty.The government also plans to double value-added tax on most petroleum products to 16 percent.
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