The Kenya National Chamber of Commerce and Industry has commended the measures the government is set to undertake to improve the growth of business enterprises.
In the financial year 2019/20 Budget Statement, the government consolidated the Uwezo Fund, Youth Enterprise Development Fund and Women Enterprise Development Fund to form Biashara Kenya Fund.
The funds are expected to give priority to businesses owned by youths, women and people living with disabilities.
Treasury CS Henry Rotich also announced the allocation of Sh1.7 billion to support the growth of SMEs in the manufacturing sector.
“The Chamber is delighted to note the government took our submissions," KNCCI president Richard Ngatia said in a statement.
Recently, the chamber submitted a policy, Advancement of SMEs, to the government for a review into the provision of credit and deal with impediments associated with collateral requirements.
Ngatia said an SME Credit Guarantee Scheme is in the process of being launched for the benefit of the business sector.
He added that generation of revenue from the digital economy, reliance on third-party information to identify non-compliant taxpayers and usage of technology to match taxpayer’s data through electronic filing would ease administrative bottlenecks and improve compliance.
He also applauded on registration of more taxpayers on the iTax system and passage of the Income Tax Bill.
“We believe the new measures taken by the Treasury to meet the Sh3.02 trillion shall improve revenue generation,” he said.
