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President Kenyatta signals tax relief to boost coronavirus-hit businesses

id : 92 Covid19   
posted by : Admin
 DOQ : 2020-05-22 02:31:47
   Admin
  
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The Treasury is preparing undisclosed tax relief to traders and homes under a fresh bailout for coronavirus-hit businesses that will also allow personal borrowers who get into difficulties to extend their loans for up to a year.

President Uhuru Kenyatta on Wednesday said fiscal measures including tax relied will be unveiled in coming days to cushion workers and businesses from the economic slowdown triggered by the virus outbreak.

This came after bankers agreed to offer individuals relief on their personal loans should they encounter challenges and allowed small and medium enterprises to restructure their bank debts at no cost

Fears of contracting the disease has slowed down social activities in the country with malls and restaurants taking a hit, setting the stage for job cuts and reduced pay.

Lockdowns and entry bans imposed around the world to fight coronavirus has hit Kenya’s horticulture and tourism, which generated combined hard currency Sh260 billion last year


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