Ruto’s Tempting Offer: Free Land for Foreign Investors
President William Ruto announced on Monday, May 8 that the government will offer free land to investors willing to finance affordable housing projects in the country.
During a meeting with Dutch investors in The Hague, the Netherlands, the President stated that several cities and towns were designated for the construction of affordable housing.
He explained that the incentive – free land. Would persuade investors who feared land transaction obstacles that their projects would be expedited.
In addition, he asserted that the move would benefit Kenyans. Because the construction costs would be lower, resulting in more affordable housing prices for Kenyans.
The President stated, “We will provide free land for the construction of the houses to reduce production costs.”
However, he added that the government would also consider tax incentives for the investors. With an emphasis on the taxation of imported goods.
“The Value-Added-Tax (VAT) returns are a specific measure we’ve enacted in this budget that investors have found problematic.
Individuals can deduct pending VAT refunds that have not been paid within six months. From other taxes, per our decision, he explained.
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In addition to affordable housing, the head of state urged investments. In Micro, Small, and Medium Enterprises (MSMEs), healthcare, and the creative economy.
Ruto’s commitment to free land came amid criticism of the proposed mandatory three percent salary deduction for the Housing Fund.
By the proposed deductions. The government intends to construct affordable housing for Kenyans using salary deductions to fund the construction of the homes.
Consequently, several workers’ unions and Azimio declared that they would challenge Ruto’s government’s decision in court.
“Why would someone who does not require a home be required to pay 3% of their income? Former Prime Minister Raila Odinga stated that a review is necessary.
Ruto’s Tempting Offer: Free Land for Foreign Investors
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