Gideon Moi backs Ruto as he breaks silence on passing of Finance Bill 2023
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KANU chairperson Gideon Moi has weighed in on the Finance Bill 2023 after it was passed the parliament while at the same time backing Ruto's plan
KANU chairperson Gideon Moi has weighed in on the Finance Bill 2023 after it was passed the parliament while at the same time backing Ruto’s plan.
Kenya African National Union (KANU) national chairman, Gideon Moi, on Friday, June 23, backed President William Ruto’s efforts to reboot the economy from revenue generated through the Finance Bill 2023 but warned of loopholes that may hamper development progress.
The former Baringo senator recommended the government to concentrate more on improving the lives of ordinary Kenyans while acknowledging the crucial role played by the Parliament.
Moi backed the Affordable Housing Programme and other related projects that would address the pressing needs of the people.
“In the case of the National Housing Development Fund, swift action is required to institute a robust legal, policy, and administrative framework that will govern the management and administration of the fund to ringfence it for its sole primary purpose, the construction of affordable houses for the people of Kenya.
“We reiterate that addressing the proliferation of informal settlements requires a comprehensive approach that goes beyond affordable housing initiatives,” Moi stated.
Gideon Moi further advised President William Ruto to identify and seal loopholes corrupt individuals exploit to steal billions of taxpayers’ money.
“Moving forward, the government should prioritise establishing transparent and accountable systems to seal avenues of corruption to ensure taxes are utilised as appropriated.
“To effectively tackle this issue, we must vigorously promote the country’s economic growth, elevate labor incomes, and push more people from the fringes of the economy into the mainstream formal sector,” Moi advised Ruto.
The former Baringo Senator also advised President Ruto reevaluate the nation’s tax laws in order to foster a dynamic economic climate.
He added that excessive taxes can reduce a company’s profitability, making it harder to pay employees, invest in expansion, and maintain competitiveness.
When firms are exposed to high taxes, they may have to pass those costs on to customers, which lowers demand for their goods or services.
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In addition, Moi warned that the Finance Bill 2023’s high tax proposals may deter investment because they would make it less likely for companies to invest in new machinery or expansion.
“This calls for proactive measures that incentivise the private sector. Implementing favourable tax regimes and creating a business-friendly environment by reducing bureaucratic obstacles will attract direct foreign investment, particularly in industries that foster manufacturing and value addition.
“Such strategic endeavours offer the surest path to job creation and economic prosperity,” Gideon Moi observed.
He also called on Members of Parliament to consider reviewing some of the most contentious issues the country was facing, especially, in the wake of ongoing debate on new taxes.
“As the Finance Bill 2023 awaits ascension into law, the public discourse surrounding it has shed light on Parliament’s fundamental significance as the interface between the people and their aspirations, as well as the executive and its policies.
“This underscores the need to continuously bolster parliament as an independent institution that must serve the interests of the people,” Moi, who has been missing from the opposition frontline since the August 2022 General Election, stated.
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