Thursday, May 30, 2024 - Foreign investors manufacturing edible oils have threatened to leave the country and invest their billions somewhere else over President William Ruto’s increased taxation.
The billionaire investors raised concerns about the harsh
business environment in the country before Members of Parliament.
One of the investors, who came to Kenya in 2012, complained
about the government's appetite to increase taxes yearly through different laws
and the Finance Bill.
As a result, the investor hinted at exiting the Kenyan
market arguing that the taxes have made local production in Kenya
expensive.
"One of the key factors that attract me to a country as
an investor is stability. Unfortunately, as a foreign investor in this country,
I no longer find Kenya attractive," he remarked.
The investors further revealed that the company has been in
operation for over 86 years and operates in 14 countries but has never faced
such instability compared to Kenya. It also recently expanded in West Africa.
He emphasized that in all his years in the industry, Kenya
was the only country that has continued changing tax policies making business
difficult and pushing more investors outside the country.
"When we came here, I had a plan to expand the business
but at the moment I am only looking to survive. I love this country but the
taxes keep changing," he emphasized.
Another investor in the manufacturing sector also lamented
about the increased taxes which is lowering Kenya's competitiveness compared to
other countries.
He asked the government to stop taxing raw materials and
instead tax the end product to lower the cost of manufacturing which often
burdens the consumer.
The Kenyan DAILY POST
-overlay.jpg)
0 Comments