Ruto promise free land to foreign investors
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Ruto woos foreign investors with free land in affordable housing project at a meeting in the Hague, Netherlands
Ruto woos foreign investors with free land in affordable housing project at a meeting in the Hague, Netherlands.
On May 8, President William Ruto stated that the government will provide free land to investors interested in supporting initiatives to build affordable housing in the country.
In The Hague, Netherlands, where he was meeting with Dutch investors, the President mentioned that various cities and towns were designated for low-cost housing.
He clarified that the incentive—free land—would persuade investors who were concerned about running across roadblocks in their land purchases that their projects would move quickly.
Additionally, he insisted that the decision will benefit Kenyans since locals would be able to purchase homes at reasonable costs because the cost of construction would be cheaper.
“We will provide land for the construction of the houses for free to reduce the cost of production,” the President stated.
On the other hand, he added that the government would also consider tax incentives for the investors, focusing on the taxation of imported goods.
“A specific intervention we have put in this budget which has been problematic to our investors is Value Added Tax (VAT) returns.
“The decision we have made is that any pending VAT refunds that have not been paid in six months can be deducted from other taxes by individuals,” he stated.
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Besides affordable housing, Ruto also called for investments in Micro, Small and Medium Enterprises (MSMEs), healthcare and the creative economy.
Ruto’s commitment to free land came amid criticism over the planned mandatory 3 per cent salary deductions for the Housing Fund.
Under the proposed deductions, the government intends to build affordable houses for Kenyans through salary deductions that provide capital for the construction of the houses.
A number of workers’ unions and Azimio announced that they would challenge the move by Ruto’s government in court.
“Why would anyone who doesn’t need a house be compelled to pay 3% of their salary? We need a review of this,” former Prime Minister Raila Odinga stated.
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