Don’t expect tax relief at the moment; David Ndii
The Chairperson of the Presidential Council of Economic Advisers David Ndii has warned that Kenyans should not expect tax relief at the moment
The Chairperson of the Presidential Council of Economic Advisers David Ndii has warned that Kenyans should not expect tax relief at the moment.
Ndii said that Kenya is still under the International Monetary Fund (IMF) as a receiver adding that countries like that don’t get a turnaround.
While speaking on Wednesday during the NCBA Economic Forum, Ndii said that the chances of getting tax relief in Kenya at the moment are zero.
“Are people going to see relief? I want to refer to something I said before, when you are in an IMF programme, you are in receivership. There is no relief, you are only going to get relief when you get out of receivership,” Ndii said.
The economic advisor further added that the government has to implement other means to survive economically.
According to him, some countries facing similar issues have fallen into a macroeconomic crisis.
“When companies are in receivership they cut costs; they lay off people and the turnaround is costly and it is difficult. Many countries don’t do it. That is why some countries are where they are; they are in cycles of macroeconomic crisis,” Ndii said.
“What you want to do is the structural things that we are doing, we can’t keep going back to the question of how much relief we are providing at this point, the relief we provide at this point is zero.”
This is even as a high-level delegation from the National Treasury and the Central Bank of Kenya travelled to Washington DC to attend the 2024 International Monetary Fund /World Bank annual meetings, which were held from October 21-26, 2024.
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The delegation engaged in critical discussions on pressing global economic challenges including financial stability, poverty reduction, green financing, and sustainable development.
The team included the National Treasury Cabinet Secretary John Mbadi, the Governor of the Central Bank of Kenya Kamau Thugge, and the Principal Secretary of the National Treasury Chris Kiptoo.
The meeting whose theme was “Delivering with Ambition” was held as Kenya is witnessing an improved macroeconomic outlook, characterised by declining inflation, a stable exchange rate, and steady growth in Gross Domestic Product (GDP).
The Executive Board of the IMF approved the disbursement of Sh78. 3 billion ($606.1 million) loan to Kenya, unlocking new funding to the country after a protracted programme review following the withdrawal of the Finance Bill, 2024.
During the meeting, the delegation provided a comprehensive update on Kenya’s economic progress and reform efforts under its IMF-supported programmes.
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