Ruto Orders Removal of Tax Proposal on Bread
President William Ruto has stepped in amid ongoing deliberations over the Finance Bill 2024, with a particular focus on the proposed taxation of bread.
Insiders familiar with the situation disclosed that the President has instructed Cabinet Secretary Njuguna Ndung’u of the National Treasury and Kimani Kuria, Chairman of the National Assembly Finance Committee, to ensure the removal of this tax proposition.
The Finance Bill 2024 had included a provision for imposing a 16 percent tax on bread, which would have translated to an estimated price hike of Sh10 for a 400-gram loaf.
Nevertheless, President Ruto has reportedly voiced concerns regarding the potential burden on consumers and directed the relevant authorities to reassess the proposal.
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Earlier in March, CS Ndung’u had voiced his opinion on the tax issue, contending that exempting bread and milk from taxation hadn’t sufficiently benefited low-income households or the middle class. However, it seems the President’s involvement has prompted a shift in stance.
President Ruto convened a meeting on Monday afternoon at State House Nairobi, bringing together representatives from the National Treasury and the Central Bank.
Ruto stated, “Our economic strategy is purposeful and strategic as we construct the framework for Kenya’s progress,” underscoring the pivotal role of the people in their agenda.
Throughout the meeting, he underscored the strategic approach to economic management, aiming to establish the groundwork for Kenya’s advancement while prioritizing the welfare of its citizens.
Ruto Orders Removal of Tax Proposal on Bread