US issues advice to Ruto over high taxes
US Ambassador to Kenya to establish a consistent, tax policy that will attract foreign investors in the country
US Ambassador to Kenya to establish a consistent, tax policy that will attract foreign investors in the country.
US Ambassador to Kenya, Meg Whitman has advised President William Ruto to create a consistent, open, and fairly applied tax policy in order to draw in and retain foreign investment.
She claims that the implementation of such a program will draw American investors resulting in economic development.
In order to build trust with Kenyans and potential investors, Ambassador Whitman emphasized that it is more important to be consistent than to have the lowest tax rates on the continent.
“All of you know that more needs to be done but that is why the Finance Bill had many changes that will make Kenyan tax policies more consistent and therefore more bankable by foreign direct investments,” Whitman remarked.
The US envoy revealed that Kenya is in the process of negotiating a trade agreement with the US, which is set to be finalized by the end of this year.
Whitman is confident that the deal, when it is finalized, will serve as a template for other nations, including those in Africa.
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The envoy also informed the guests of the 8th Devolution Conference 2023 in Eldoret that the caliber of Kenyan talent is what draws most US businessmen to Kenya.
“Every firm that I have spoken to says the Kenyan workforce is the best in the world,” the US Ambassador noted.
In a personal recollection, Ambassador Whitman said that when she was President and CEO of the Hewlett Packard Enterprise, she only considered doing business with Africa about 1% of the time.
To ensure Kenya receives more Foreign Direct Investment (FDI), Whitman asked the President and Governors to roll up their sleeves and make Kenya one of the best-performing countries in Africa.
Ambassador Whitman emphasized that in order for Kenya to achieve its full developmental potential, it is imperative for the Head of State to address the issue of corruption within the country.
She noted that corruption not only hinders economic growth and job creation but also undermines equitable participation in a nation’s prosperity.
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