Kenya loses Ksh.3 billion daily to corruption – KAM
The Kenya Association of Manufacturers (KAM) estimates that Ksh.3 billion of taxpayers' money is lost to corruption on a daily basis
The Kenya Association of Manufacturers (KAM) estimates that Ksh.3 billion of taxpayers’ money is lost to corruption on a daily basis.
According to KAM, monies could instead be invested in boosting the manufacturing sector with the aim of creating employment and promoting local product.
The Law Society of Kenya (LSK) on Tuesday led other entities that presented their submissions on the proposed Tax Laws by the Treasury in calling for consideration and sobriety as regards the common mwananchi, before introducing and implementing new taxes.
KAM, while presenting its submissions on the proposed laws, lamented corruption and its effects on business expansion in the country.
Bharat Shah, trade expert at KAM, said: “We are not losing Ksh.2 billion through corruption as alluded by Treasury CS…we are losing Ksh.3 billion daily through wastage of public resources attained by taxes.”
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The manufacturers decried high cost of industrial material, a major stumbling block towards propelling industrialization, meant to uplift the economy through job creation and promotion of locally produced raw materials.
“We will close all industries at this rate of taxation. The cost of building materials is also very costly,” stated Shah.
LSK, Safaricom, American Towers Kenya and Alcohol Brewers Association of Kenya (ABAK) among entities which called for consideration and sobriety for the common mwananchi, before introducing and implementing new taxes.
Cynthia Koech, tax expert, Safaricom: “Some of the expenses we are undertaking should not be classified as allowable taxes.”
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