• October 13, 2024
  • Last Update July 1, 2024 6:17 PM
  • Nairobi

“Let Them Eat Cake”: Controversy Surrounds Kenya’s Finance Bill 2024

Nairobi

Monday May 20, 2024

By Felix Mogaka

The streets of Nairobi have become a canvas of discontent as citizens voice their concerns to the recently proposed Finance Bill 2024.

The bill, which aims to overhaul the country’s tax system, has been criticized for its potential impact on the everyday lives of Kenyans.

The Finance Bill 2024, introduced on May 9, 2024, proposes significant changes to the tax framework, including a contentious motor vehicle tax set at a rate of 2.5% of the vehicle’s value.

Additionally, the bill suggests implementing a minimum top-up tax of 15%, targeting multinational groups with a consolidated annual turnover of EUR 750 million.

Critics argue that these measures, while intended to boost domestic revenue, will disproportionately affect middle and lower-income groups.

“It’s like telling us ‘no bread? Then let them eat cake!’’ exclaimed a local shop owner, echoing the sentiment of many who feel the government is out of touch with the populace.

Economists have also weighed in, suggesting that the bill could lead to increased costs of living and doing business in Kenya. “The government’s approach seems to be more about filling fiscal gaps rather than fostering economic growth,” stated an economist from a leading think tank.

The government defends the bill, citing the need for economic recovery and improved livelihoods as part of the Bottom-Up Economic Transformation Agenda.

However, the opposition remains steadfast, with plans for further protests and calls for a review of the bill’s most controversial aspects.

As the debate rages on, the eyes of the nation remain fixed on the government’s next move.

Will the Finance Bill 2024 pave the way for economic stability, or will it crumble under the weight of public dissent? Only time will tell.

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