RUTO will do anything to please investors even as he continues to neglect hustlers that took him to power – See what he has done?


Wednesday, February 28, 2024 – President William Ruto has sought to endear himself to investors at the expense of hustlers who elected him into office.

This is after he unveiled plans to lower the current rate of corporate tax as part of efforts to attract investors to the country.

In the Budget Policy Statement (BPS) released in February, the National Treasury noted that the tax rate would be decreased from the existing 30 per cent to 25 per cent.

Corporate tax is usually applied to profit made by a company over a specified period (gross income minus gross expenditure).

"The Government will reduce the corporate rate of tax from the current 30 per cent to 25 per cent over the strategy period. Kenya's Corporate Income Tax (CIT) rate is at 30 per cent compared to the world average of 23 per cent and the African average of 29 per cent," read the policy statement in part.

The Treasury explained that the reduction of the tax rate would serve as an incentive for foreign investors looking to establish operations in the country.

The current rates have also made investors in the country look for other markets.

Kenya's taxation policies have already prompted multiple mega-multinational companies to leave the Kenyan market in recent years.

Notably, the Henley Private Wealth Migration Report 2023 revealed that 100 millionaire investors departed from Kenya in 2022.

A similar number was estimated to have left the country in 2023.


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