The bill aimed to address Kenya's $80 billion debt, with the government opting for tax increases rather than spending cuts. Moody's subsequently downgraded Kenya's debt rating, citing the government's decision to abandon the tax hikes. Ruto has announced new borrowing plans and spending...
NAIROBI —KenyanPresident William Rutosaid Wednesday he won’t sign into law a finance bill proposing new taxes, a day after protesters stormed parliament and several people were shot dead. It was the biggest assault on Kenya’s government in decades. The governm...
Johannesburg —Human rights groups say at least22 protesters were killedand scores more wounded on the streets of Kenya Tuesday as they clashed with police in chaotic demonstrations over a contentious finance bill laden with tax hikes that was passed by the country's parliament. Wit...
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Kenya has been warned over its bulging debt repayment bill and the fact that it is increasingly using more of its tax revenue to settle debt rather than provide services. Figures from the Quarterly Economic and Budget Survey(Q4), 2019/20 shows that Kenya’s total debt rose significantly from...
Kenya’s controversial tax hike bill which sparked street protests, resulting in the shooting of a frontline AFP photojournalist in Nairobi and protesters storming the parliament, has been adopted by parliament amid accusation that some MPs were bribed t
Kenya is now accountable for 4% of the overall value in the ranking, a marginal increase of 1% compared to 2020. This year saw three Kenyan brands make their debut appearances in the ranking, including one of Kenya’s most popular beer brands, Tusker (brand value US$52 million) in the ...
The Finance Act, 2023 (the Act) was signed into law by the President on 26 June 2023. Unless specifically mentioned, the changes highlighted in this Tax Alert were meant to take effect on 1 July 2023. However, on 30 June 2023, the High Court of Kenya iss
Kenya, a nation often praised for its stability, had seen escalating protests over the bill, which the government introduced to rein in public debt. Last week, the government scrapped some tax increases, including a proposed 16% value-added tax on bread along with taxes on motor vehicles, ...
Eric Kimori, the director of Griot Consulting Kenya, a consultancy company that offers services in environment and climate change, called on President Ruto to avoid signing the bill into law "for the sake of the country's stability".