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Private sector asks Treasury to reconsider 'sin tax' policy

id : 89 Tax Policy   
posted by : Admin
 DOQ : 2020-03-21 00:09:41
   Admin
  
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Kenya’s Excise Duty is more than 400 per cent higher than Tanzania’s and more than 300per cent higher than that in Uganda.

The National Treasury has been urged to seriously reconsider its approach to taxation on manufacturing as it prepares its Budget for the coming financial year, in order to salvage value chains and ease consumers of the extra cost of goods.

Economic analysts and private sector players say tax policies need to be adjusted with all players and economic trends in mind, to stimulate growth rather than stifle manufacturing.

According to Kwame Owino, chief executive officer at the Institute of Economic Affairs (IEA), increasing excise duty rate on products whose consumption is falling due to an increase in excise will be detrimental to the economy, given the current standards of living.


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