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Thursday March 26, 2020 - Economist David Ndii has broken down President Uhuru Kenyatta's economic stimulus plan which he spelt out yesterday to cushion Kenyans from the shocks of the Coronavirus impact and identified several issues he felt needed remedying.
Venting on his official twitter page, Ndii laid out several issues he felt weren't addressed in Uhuru’s presser.
Ndii presented a detailed case regarding micro and small enterprises (MSMEs), pointing out that they were the main engines of the economy and that offering tax cuts to such enterprises most of which were currently closed down was counterproductive.
"Having listened to President Uhuru’s pronouncements, I am at loss as to what policy analysis informed them.”
“For the duration of the crisis, their income/turnover tax returns will be NIL, VAT returns NIL.”
“I doubt they have cash reserves for salaries - PAYE returns NIL.”
“These and many businesses are not going to pay taxes, the unpaid workers can’t spend, tax revenue is sure to fall," reads a section of the economist's statement.
He went on to reveal that he had noticed several businesses that fall into the MSME category had closed down until further notice, leading him to question where such establishments will source the various taxes still imposed on them.
"Government proposes tax breaks without cost-cutting.”
“I am at a loss as to how this is a rational, responsible policy for a Government that was in a fiscal crisis before the COVID-19 shock, or how tax breaks translate to food on tables for ordinary people who’ve lost incomes and jobs," he argued.
Ndii further expressed skepticism on the practicality of the entire plan bearing in mind that most businesses were closed down but went on to state that he was hoping some of the policies issued would be reviewed.
"We can only hope that in coming days, President Uhuru Kenyatta and his government will hear the cry of the people.”
“As I said in my letter, this is our last big ask Mr. President.”
“Kenya is not big business. Listen to the people for once," reads an excerpt from his statement.
The Kenyan DAILY POST