Gideon Moi Backs Ruto’s Plan Post-Finance Bill, Cautions Against Loopholes
Friday, June 23, the national chairman of the Kenya African National Union (KANU), Gideon Moi, endorsed President William Ruto’s efforts to revitalize the economy through revenue generated by the Finance Bill 2023 but cautioned that loopholes may impede development progress.
While acknowledging the significance of the role of the legislature, the former senator from Baringo urged the government to concentrate more on improving the lives of ordinary Kenyans.
Moi supported the Affordable Housing Programme and other initiatives that addressed the urgent needs of the populace.
“In the case of the National Housing Development Fund, prompt action is required to establish a robust legal, policy, and administrative framework that will govern the management and administration of the fund to restrict its use to the construction of affordable housing for the people of Kenya.
“We reiterate that addressing the proliferation of informal settlements requires a comprehensive approach that goes beyond affordable housing initiatives,” Moi said.
In addition, he advised President William Ruto to identify and close loopholes that corrupt individuals use to steal billions of dollars from taxpayers.
“In the future, the government should prioritize establishing transparent and accountable systems to seal corruption’s avenues and ensure that tax dollars are used as intended.
Moi advised Ruto, “To effectively address this issue, we must vigorously promote the country’s economic growth, raise labor incomes, and push more people from the informal economy into the formal sector.”
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The former senator from Baringo advised President Ruto to consider revising the country’s taxation policies to foster a prosperous business climate.
He explained that high taxes can reduce a company’s profits, making it more challenging to invest in expansion, pay employees, and remain competitive.
When subjected to high taxation, businesses may be forced to pass on the cost of high taxes to consumers, thereby reducing demand for their goods and services.
Moi also stated that the Finance Bill 2023’s proposed high taxes may discourage investment, as businesses may be less likely to invest in new equipment or expansion if the government takes a significant portion of their profits.
This necessitates proactive incentives for the private sector. The implementation of favorable tax regimes and the creation of a business-friendly environment by reducing bureaucratic obstacles will attract direct foreign investment, especially in industries that foster manufacturing and value addition.
Gideon Moi remarked, “Such strategic endeavors provide the surest path to job creation and economic prosperity.”
In addition, he urged members of Parliament to consider reviewing some of the most contentious issues facing the nation, particularly in light of the ongoing debate over new taxes.
“As the Finance Bill 2023 awaits enactment, the public discourse surrounding it has shed light on the fundamental importance of Parliament as the interface between the people and their aspirations, as well as the executive and its policies.
Moi, who has been absent from the opposition frontline since the August 2022 General Election, remarked, “This highlights the need to continually strengthen parliament as an independent institution that must serve the interests of the people.”
Gideon Moi Backs Ruto’s Plan Post-Finance Bill, Cautions Against Loopholes
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