Leader of the Azimio la Umoja One Kenya coalition party, Raila Odinga, has criticized the government for its concepts in the Finance Bill, 2024.
Mr. Odinga attacked the Kenya Kwanza regime in a statement released on Friday, calling the Bill retrogressive and oblivious to the distress of the nation’s underprivileged. He also reiterated that the Bill’s effects would be more severe than those of the Finance Bill, 2023.
The head of the opposition identified the economic sectors that the planned tax rise and Value Added Tax (VAT) would impact, claiming that common Kenyans would face harsher challenges than in the previous fiscal year.
Mr. Odinga emphasized the additional taxes levied on necessities like bread, edible oil, mobile banking transactions, and sugarcane manufacturers, noting that these measures will exacerbate the financial hardships currently experienced by Kenyans.
He also discussed the detrimental effects of the new taxes on insurance and reinsurance services, the 2.5 percent motor vehicle tax, and the eco levy that is planned to be applied to manufactured goods like diapers.
The head of Azimio claims that the administration of President William Ruto should take a lesson from the Finance Bill, 2023, pointing out that even after taxing Kenyans more in an attempt to increase national revenue, the Kenya Revenue Authority (KRA) was unable to meet its objectives.
He contends that since the majority of firms were compelled to close as a result of high operating costs brought on by high fuel prices, revenues have decreased.
Thus, Mr. Odinga cautioned the current administration to reevaluate its tax measures, stating that the Finance Bill, 2024, would cause the nation’s economy to implode.
In an effort to rescue Kenyans, he thus pleaded with Parliamentarians to reject the Bill when it is brought before the House.
