Gideon Moi says proposals in Finance Bill punitive

Source: Capital FM Kenya
Author: Wangechi Purity

NAIROBI, Kenya Jun 20 - Kenya African National Union (KANU) National Chairman Gideon Moi has faulted Kenya Kwanza government's tax Proposals as outlined in the Finance Bill 2024.

According to Moi, the proposed amendments to certain clauses of the bill prescribing highly unpopular taxation measures have been cancelled out by other equally punitive proposals.

The former Baringo senator urged Members of Parliament to oppose the entire controversial Bill tabled before parliament for debate stating it will overburden tax payers.

He said that economists have already determined that the nation is experiencing challenges with expenditure rather than revenue.

"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," urged Moi.

Moi stated that the Kenya kwanza Administration should prioritize Industrialization in order to achieve economic prosperity rather than implementing tax measures that overburdens 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.

The Chairperson of the National Assembly Committee on Finance and National Planning, Kimani Kuria on Tuesday presented the report on the 2024 Finance Bill to MPs for debate where the lawmakers will vote to either pass or reject the Bill next week.

Lawmakers from both the Kenya Kwanza Alliance and Azimio La Umoja will give their views on why the bill aimed at financing the Sh 3.99 Trillion budget should be approved or rejected.