KANU National Chairman Gideon Moi during a past address. PHOTO | COURTESY
In Summary:
- Gideon Moi calls on MPs to reject the Finance Bill, 2024.
- He emphasizes industrialization over increased taxation to address economic issues.
Kanu chairman Gideon Moi has urged Kenyan Members of Parliament to completely reject the Finance Bill, 2024, arguing that increasing taxes to address the budget deficit unfairly burdens the populace.
In a statement released on Thursday, Moi highlighted that Kenya’s economic challenges stem more from expenditure issues than revenue problems, as affirmed by economic experts.
While acknowledging the removal of some harsh taxes, Moi pointed out that other punitive taxes have been discreetly included in the Bill.
“Therefore, the National Assembly must reject the Finance Bill, 2024, in its entirety,” he asserted, noting that the cancelled amendments have been counterbalanced by equally severe proposals.
Moi argued that Kenya should focus on industrialization to achieve economic prosperity, which would broaden the tax base and enhance revenue collection.
He criticized the Kenya Revenue Authority’s (KRA) failure to meet projected tax revenues despite aggressive measures in the Finance Bill, 2023, demonstrating that higher tax rates do not necessarily yield higher revenue.
Last week, Moi warned that without revisions, the Finance Bill, 2024, would push more Kenyans into poverty.
His statements come amid ongoing protests against the Bill, led by youth across various cities, including Nairobi, Mombasa, Kisumu, and Laikipia.