@CapitalFMNews

Kenyatta announces budget cuts to bridge deficit

2 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

2 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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Government tax free bond fails to stem shilling’s decline

The shilling is keeping policymakers on their toes especially as the import bill also expands and local firms pay dividends. ...

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@StandardMedia - By: Macharia Kamau And ...
Oil import bill surge eats into forex reserves

Money spent on petroleum products has gone up by 70 per cent in two years. ...

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@DailyNation - By: Seeds Of Gold Tea ...
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