Proposed new tax laws aims at fostering sustainable growth, improve economic welfare of Kenyans and ensure efficient revenue collection: Government

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PHOTO: Government Spokesman Dr. Isaac Mwaura.

NAIROBI, Kenya, Nov 11...Government has said its committed to implement policies that address current fiscal needs and also strengthen country's economic foundation for the future with the proposed tax reforms emphasize equitable and fair taxation.

The objectives and expected benefits of the proposed tax laws aims at fostering sustainable growth, safeguarding social equity and improving Kenyans quality of life without increasing the burden.

"With rising public debt we must implement balance measures to ensure a sustainable public debt position, our goal is to develop an economy that relies more on robust domestic revenue generation than on foreign debt", said Government Spokesman Dr. Isaac Mwaura.

Tax Laws amendment bill 2024, Tax procedures amendment bill 2024 and other related bills have been prepared to address growing fiscal demands and ensure efficiency revenue collection.

Enhanced county government's funding, Social and economic well-being of Kenyans, Equity and Fairness and improved Tax compliance are among benefits of Tax law amendments.

Furthermore, Dr. Mwaura adds that the  amendments are part of a larger plan to stabilize country's economy with debt currently standing at 68 percent of GDP down from 73 percent.

"By increasing local revenue through fair tax reforms we aim to reduce relience on foreign debt, align with global best practices and secure financial stability for future generations", stated Mwaura.

The International Monetary Fund (IMF) recently extended a Ksh 78 billion facility under Extended Credit Facility (ECF) to bolster Kenya's fiscal and Climate resilience initiatives.

"This endorsement reflects international confidence in Kenya's economic direction and encourages responsible economic policies undertaken by the government to further stabilize the Kenyan shilling, enhance the foreign exchange reserves and restore market confidence".

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