Kenya withdraws finance bill, seeks public input on new revenue legislation with debt management and tax cuts as focus.

Kenya's Finance Ministry is soliciting public input on new revenue legislation after withdrawing a controversial finance bill that prompted protests against proposed tax hikes of $2.7 billion. Finance Minister John Mbadi highlighted the need to manage the country's debt, which exceeds World Bank recommendations. Proposed tax cuts include reducing VAT from 16% to 14% and corporate tax from 30% to 25%, as part of efforts to enhance tax compliance and economic growth.

September 09, 2024
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