@CapitalFMNews

Kenyatta announces budget cuts to bridge deficit

3 months ago, 14 Sep 15:16

By: Ken Macharia

, NAIROBI, Kenya, Sep 14 – President Uhuru Kenyatta has announced wide-ranging austerity measures and budget cuts in a bid to reduce the widening deficit between revenue and expenditure.

Kenyatta says the proposed cuts will affect hospitality, foreign and domestic travel, training and other less essential spending adding that these changes will cut across all arms of government.

“These budget cuts ask all of us in government to tighten our belts. It also ensures that the sacrifices made by tax compliant Kenyans are matched by discipline,” said the President in a televised address from State House, Nairobi.

Kenyatta has further cited budgetary demands as his reason for rejecting the Finance Bill amendment that aimed to postpone the VAT on fuel by two years and instead counter-proposing a reduction of the VAT on petroleum products by half.

Should Parliament accept the President’s proposal, the price of super petrol will drop from Sh127 to about Sh118, and the price of diesel will drop from Sh115 to about Sh107.

 


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Category: business

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@CapitalFMNews

Kenyatta announces budget cuts to bridge deficit

3 months ago, 14 Sep 15:16

By: Ken Macharia

, NAIROBI, Kenya, Sep 14 – President Uhuru Kenyatta has announced wide-ranging austerity measures and budget cuts in a bid to reduce the widening deficit between revenue and expenditure.

Kenyatta says the proposed cuts will affect hospitality, foreign and domestic travel, training and other less essential spending adding that these changes will cut across all arms of government.

“These budget cuts ask all of us in government to tighten our belts. It also ensures that the sacrifices made by tax compliant Kenyans are matched by discipline,” said the President in a televised address from State House, Nairobi.

Kenyatta has further cited budgetary demands as his reason for rejecting the Finance Bill amendment that aimed to postpone the VAT on fuel by two years and instead counter-proposing a reduction of the VAT on petroleum products by half.

Should Parliament accept the President’s proposal, the price of super petrol will drop from Sh127 to about Sh118, and the price of diesel will drop from Sh115 to about Sh107.

 


Read More

Category: business

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10 hours ago, 18:05
@BusinessDaily - By: Patrick Alushula
Lobby sees revenue loopholes in treaties

East Africa Tax and Governance Network says double taxation agreements (DTAs) between Kenya and other countries come with little disclosure and may be exposing the country to tax leakages. ...

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Treasury back in market for Sh14bn after initial bond flop

The Treasury is back in the market with a Sh13.8 billion tap sale for this month’s bond issue, after the initial sale was undersubscribed by 28 percent. ...

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Frequency in drought occurrence and climate change have constrained both agricultural and livestock production sectors exposing many households to food insecurity yearly. ...

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