Finance Bill 2024 is punitive and retrogressive - UHURU’s man says as he warns that Kenyans could revert to ‘mattress banking’

Wednesday, May 15, 2024 - NCBA Group Managing Director and Kenya Bankers Association chairman John Gachora has strongly criticized the proposed taxes in the Finance Bill 2024.

The government on May 9, gazetted Finance Bill 2024, which has introduced a raft of new taxes on suffering Kenyans.

The new taxes include the Boda Boda tax, bread tax, motor vehicle tax, Mpesa, and Bank transaction taxes among others.

Speaking about the new taxes, Gachora who is a close ally of former President Uhuru Kenyatta, labelled the taxes 'unnecessary taxation' and condemned the 'introduction of both Tobin Tax and Robinhood Tax by removing VAT exemptions for banking transactions'.

Gachora also expressed concerns that the bill could devastate the banking industry, potentially leading many to revert to 'mattress banking'.

He argued that the Bill would make basic banking services more expensive, increase the cost of credit, and push people towards the black market.


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