President William Ruto has justified the government’s decision to implement additional taxes on Kenyans, asserting that it’s imperative for steering the country away from debt.<\/p>\n
“I refuse to lead a nation in financial ruin; I refuse to lead a nation drowning in debt. We must tighten our belts,” Ruto affirmed.<\/p>\n
He outlined plans to increase the country’s average tax rate from 14 percent to 16 percent by the close of 2024, aiming for a range between 20 and 22 percent by the end of his tenure.<\/p>\n
“My goal is to elevate Kenya; this year, we’re targeting 16 percent. I aspire, with the grace of God, to leave it at 20 to 22 percent during my tenure,” Ruto asserted.<\/p>\n
“It will be challenging; I’ll have to explain a lot, and there will be grievances, but I believe people will ultimately understand. We must learn to live within our means.”<\/p>\n
Ruto delivered these remarks during discussions with Harvard Business School students on Africa’s trade and investment potential on Tuesday.<\/p>\n
His comments come shortly after the unveiling of the proposed Finance Bill 2024.<\/p>\n
Published on May 9, the Finance Bill, 2024 is slated for public participation thereafter.<\/p>\n
The bill encompasses tax proposals aimed at bolstering revenue to fund the government’s ambitious projects.<\/p>\n
One notable proposal is the introduction of a Motor Vehicle Tax, set at 2.5 percent of the vehicle’s value.<\/p>\n
The minimum tax payable per vehicle upon insurance cover issuance is proposed at Sh5,000, with a maximum cap of Sh100,000.<\/p>\n
Calculation of the tax will be based on factors such as make, model, engine capacity, and year of manufacture, as outlined in the bill.<\/p>\n","protected":false},"excerpt":{"rendered":"
President William Ruto has justified the government’s decision to implement additional taxes on Kenyans, asserting that it’s imperative for steering the country away from debt. “I refuse to lead a nation in financial ruin; I refuse to lead a nation drowning in debt. We must tighten our belts,” Ruto affirmed. He outlined plans to increase […]<\/p>\n","protected":false},"author":6069,"featured_media":82583,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[310],"tags":[138238],"class_list":["post-216996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-entertainment","tag-ruto-news"],"yoast_head":"\n