Ruto Gets Tax Advice from US Ambassador
To attract and retain foreign investments, US Ambassador to Kenya Meg Whitman has requested that President William Ruto devise a consistent, transparent, and fairly administered tax policy.
According to her, the implementation of such a policy will attract foreign investors from the United States, resulting in economic expansion.
Ambassador Whitman emphasized that attaining the lowest tax rates on the continent is not the most important factor, but rather maintaining consistency to inspire confidence among Kenyans and potential investors.
“You are all aware that more needs to be done, which is why the Finance Bill included numerous amendments that will make Kenya’s tax policies more consistent and, consequently, more bankable for foreign direct investments,” Whitman stated.
Kenya is currently in the process of negotiating a trade agreement with the United States, which is expected to be finalized by the end of the year.
Whitman is optimistic that once the agreement has been formulated, it will serve as a model for African nations and the rest of the world.
In addition, the diplomat informed the attendants of the 8th Devolution Conference 2023 in Eldoret that the majority of American businessmen are drawn to Kenya by the caliber of Kenyan talent.
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The US Ambassador remarked, “Every company I’ve spoken with says the Kenyan workforce is the best in the world.”
Ambassador Whitman recalled that when she was president and CEO of Hewlett Packard Enterprise, she contemplated doing business with Africa less than one percent of the time.
To ensure that Kenya receives more Foreign Direct Investment (FDI), Whitman urged the President and Governors to roll up their sleeves and transform Kenya into one of the top-performing nations in Africa.
The diplomat also commented on the 2022 election, characterizing it as one of the most free, fair, and transparent elections on the continent and worldwide.
The diplomat praised President William Ruto’s efforts to decrease container clearance periods at Kenyan ports. She urged Ruto, however, to also concentrate on reducing the fees imposed on containers entering the ports.
Ambassador Whitman emphasized that for Kenya to realize its maximum developmental potential, the Head of State must address the issue of corruption.
She noted that corruption not only impedes economic growth and the creation of jobs but also undermines equitable participation in a nation’s prosperity.
Ruto Gets Tax Advice from US Ambassador
