Thursday, April 4, 2024 - American investors are too afraid to invest in Kenya due to President William Ruto’s bad policies.
In a report by the Office of the United States Trade
Representative titled Foreign Trade Barriers, US companies cited taxation and
government policies as stumbling blocks for foreigners investing in
Kenya.
They specified that the 1.5 per cent Digital Service Tax
(DST) was a trade barrier for companies and investors involved in digital
trade.
The tax is applied to income generated in Kenya from
services that are offered on online platforms.
Further, the report listed the Kenyan government's policies
on land ownership and inspection of imported goods as other impediments.
The report highlighted that
foreigners were not allowed to own land in Kenya except through a lease.
The investors added that the current leasing model was
prone to land cartels who take advantage of them.
For investors importing products into the country, it was
explained that the process was expensive.
The investors also asserted that there were multiple
inspections by government agencies, which they cited as bureaucracy that deters
the timely release and movement of goods.
The Kenyan DAILY POST
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