Kenya African National Union (KANU) National Chairman Gideon Moi has faulted the government’s tax Proposals as outlined in the Finance Bill 2024.
The former Baringo Senator said the proposed amendments to certain bill clauses prescribing highly unpopular taxation measures have been canceled by other equally punitive proposals.
He has called upon Members of Parliament to oppose the entire controversial Bill being tabled for debate, stating that it will overburden taxpayers.
He said economists have already determined that the nation is experiencing expenditure rather than revenue challenges.
“Increasing taxes in an attempt to address the budget deficit places an unnecessary burden on Kenyans. Therefore, the National Assembly must reject the Finance Bill, 2024, in its entirety. Economic experts agree that Kenya does not face a revenue problem but an expenditure issue,” he said.
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Moi stated that the Kenya Kwanza Administration should prioritize industrialization to achieve economic prosperity rather than implement tax measures that overburden Kenyans in efforts to progressively expand the tax base.
“To achieve economic prosperity, Kenya must prioritize Industrialization over Taxation. KRA fell short of its projected tax revenues despite aggressive taxation measures introduced by the Finance Bill, 2023, indicating that higher tax rates do not necessarily result in higher tax revenue.” he said.
Members of Parliament began debating the Finance Bill 2024 on Wednesday. The bill outlines revenue-generating initiatives by the Kenya Kwanza administration.
The members of parliament are expected to debate the bill today until 9.30 pm.
During this session, the legislators will express their perspectives and provide oral submissions, offering their insights on the taxation measures outlined in the bill.
