Wednesday, September 27, 2023 – The International Monetary Fund (IMF) has sent a warning to President William Ruto for introducing new taxes on Kenyans without public participation.
Since his election as President in August last year, Ruto has introduced a dozen new taxes, raising the cost of living high in East Africa’s biggest economy.
In its economic assessment report on Tuesday, the Bretton Wood Institution stated that Ruto is trending on a very dangerous path for introducing taxes and raising taxes without engaging the taxpayers.
“Sustainability of new policies depends on the government’s ability to win over public opinion either by showing that reforms generate rapid benefits or by making a case for their desirability on longer-term grounds,” IMF stated.
President William Ruto plans to raise more revenue through other proposed levies after signing the Finance Bill 2023 into law.
This is according to the Draft Medium-term Debt Strategy for 2024/25 to 2026/27 financial years. Treasury proposes Motor Vehicle Circulation tax to be paid annually by all motor vehicle owners at the point of acquiring insurance cover.
Another suggestion is the introduction of a final withholding tax on agricultural produce not exceeding 5% of the value of the produce delivered through cooperatives or other organized groups.
Others are the introduction of VAT on services in educational institutions that are not directly linked to education and the re-introduction of the minimum tax.
The Kenyan DAILY POST.
Looking for a job? Download the Kenyan Jobs app from Google Playstore and get the latest jobs and vacancies available in Kenya, go HERE
Download our blog’s APP from Google Playstore using the link here
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Kenyan-Post.com – https://kenyan-post.com/2023/09/imf-urges-ruto-to-go-slow-on-taxes-or-face-a-rebellion-like-west-african-dictators-who-have-been-ousted-by-coup-detats/
