“You’ve Been Talking to Opposition”: William Ruto Responds to Harvard Student Asking About Taxation
President William Ruto greeted a cohort of students from Harvard Business School at the State House in Nairobi.
In their discussion regarding Africa’s trade and investment prospects on Tuesday, May 14, Ruto addressed concerns about substantial taxation. He implicated opposition leader Raila Odinga, suggesting that the public perception of excessive taxation stems from Odinga’s influence.
Ruto asserted, “You have been talking to the opposition. They are the ones driving this narrative that I have increased all the taxes. Kenyans have been made to believe that they pay the highest taxes. But the whole thing is about living within our means.”
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He emphasized the importance of prudent expense management among Kenyans, underscoring that the country’s loans essentially represent borrowed savings from other nations and entail associated costs.
The president noted that Kenya’s tax revenue percentage was at 14%, comparatively lower than similar countries. He outlined his intention to resign once Kenya achieves parity with its peers.
“In my tenure, God willing, I aim to raise it to between 20 and 22%. It will be challenging. There will be complaints, but ultimately, people will recognize that the funds borrowed from the World Bank serve as savings for other countries,” he remarked.
He highlighted that the country was spending nearly KSh 15 billion monthly, prompting the decision to eliminate subsidies.
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Ruto took pride in steering the country away from the brink of debt, emphasizing his administration’s endeavors in stabilizing the economy and reducing fuel prices.
He asserted that Kenyans who opposed his decisions would come to appreciate him in the coming years for rejuvenating the economy, which he asserted was in decline when he assumed power.
The National Treasury had put forward a series of taxes in the Finance Bill 2024, which was yet to be presented to Parliament for approval.
Njuguna Ndung’u, the Treasury CS, stated that the proposed taxes would contribute to funding the budget for the fiscal year 2024/2025.
Among the taxes proposed are a 2.5% levy on the value of motor vehicles, a 3% withholding tax on goods supplied to public entities, an economic presence tax, and others.
“You’ve Been Talking to Opposition”: William Ruto Responds to Harvard Student Asking About Taxation
