Raila issues statement on Ruto’s proposed Finance Bill 2023
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Raila says President Ruto's proposed Finance Bill 2023 is aimed at punishing middle-class people in the country
Raila says President Ruto’s proposed Finance Bill 2023 is aimed at punishing middle-class people in the country.
Azimio leader Raila Odinga has criticized President William Ruto’s Finance Bill 2023.
Speaking on Tuesday, Raila said that the finance bill is severely punishing middle-class people.
“The Bill prepared by Kenya Kwanza government is a punishment that Kenyans cannot and should not entertain, the Bill proposes amendments for various tax statutes including Income Tax Act, Value Added Tax, Tax Procedures Act, and Miscellaneous Fees and Levies Tax among other laws,” he said.
The Opposition boss said that several proposed tax measures will have a significant negative impact on the taxpayers.
This is after the government proposed radical tax measures aimed at promoting local businesses, protecting jobs, and boosting manufacturing.
In the Finance Bill, 2023, the government has proposed to impose additional levies on imported products such as steel, paper, plastics, and paints among other goods.
The Bill also proposes to provide for export and investment promotion levy on all goods specified in the Third Schedule of the Miscellaneous Fees and Levies Act, 2016 imported into the country for home use.
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The purpose of the levy shall be to provide funds to boost manufacturing, increase exports, create jobs, save on foreign exchange, and promote investments.
In boosting the Jua Kali sector, the Bill seeks to impose excise duty for imported furniture excluding furniture from the East African Community.
Under the proposed law, Kenyan businesses will enjoy VAT protections.
As it is presently, VAT is payable by transfer of a business as a going concern, hindering business growth through restructuring.
However, the Bill came under sharp criticism as Kenyans wants the Bill to pass through public participation.
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