In a submission to obtain the Ksh 255 billion loan from the International Monetary Fund, the National Treasury and the Kenya Revenue Authority schemed a strategy of targeting wealthy individuals in Kenya to consolidate tax collection. This is in line with the letter written to IMF by Treasury Cabinet Secretary Ukur Yatani and the Central Bank of Kenya Governor Patrick Njoroge. According to the plan, business and property proprietors had to be subjected to wealth tax to lift revenue for the financial year 2020/21 in which over 50 percent of the money would be directed towards the development budget.
Yatani and Njoroge further said that the plan to be rolled out in June 2021 will also induce ways to impede revenue losses and tax frauds. Hence, in a notion to secure the Ksh 255 billion loan from the monetary institution in April 2021 to fight the pandemic, the treasury hinted at acquainting a wealth levy in March 2021. Treasury Principal Secretary Julius Muia in his address further augmented that they were endeavoring to initiate fiscal modifications that will go into the monetary bill which included dialogue over wealth tax among others.
Content created and supplied by: @newsglory (via Opera News )
Opera News is a free to use platform and the views and opinions expressed herein are solely those of the author and do not represent, reflect or express the views of Opera News. Any/all written content and images displayed are provided by the blogger/author, appear herein as submitted by the blogger/author and are unedited by Opera News. Opera News does not consent to nor does it condone the posting of any content that violates the rights (including the copyrights) of any third party, nor content that may malign, inter alia, any religion, ethnic group, organization, gender, company, or individual. Opera News furthermore does not condone the use of our platform for the purposes encouraging/endorsing hate speech, violation of human rights and/or utterances of a defamatory nature. If the content contained herein violates any of your rights, including those of copyright, and/or violates any the above mentioned factors, you are requested to immediately notify us using via the following email address operanews-external(at)opera.com and/or report the article using the available reporting functionality built into our Platform See More