Sign in
Download Opera News App

News Politics




Financial policy

KRA New Strategy Towards The IMF Loan Plan

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 )

IMF Julius Muia KRA Kenya Revenue Authority Yatani


Load app to read more comments