•The lawyer said the only way to sort out the crisis, is for the President William Ruto-led government to go after state monies stashed abroad.
•Kenya being an economic and political powerhouse in East Africa, has seen a host of infrastructure projects in recent years.
Image: MIGUNA MIGUNA/TWITTER
Lawyer and former advisor to Raila Odinga, Miguna Miguna has shared tactics on how Kenya Kwanza government can sort out the country's economic crisis.
On Saturday, the lawyer said the only way to sort out the crisis, is for the President William Ruto-led government to go after state monies stashed abroad.
"The easiest, fastest and painless way for the Kenya Kwanza administration to sort out the economic crisis, pay out the suffocating public debt, lower the cost of living, build infrastructure including public housing and create jobs is to locate and repartriate the trillions of money stashed abroad," Miguna said.
The lawyer added that over-taxing the already over-taxed Kenyans without corresponding delivery of services, would stifle growth, industry, innovation and transformation.
Kenya being an economic and political powerhouse in East Africa, has seen a host of infrastructure projects in recent years.
However, problems are getting worse behind the facade.
According to the Kenya Kwanza government, the country's inflation hit 9.2 percent in February.
Kenya's drought has also left millions of people without resources and food, and the upcoming rainy season, between March and May, is expected to be the sixth consecutive year of water shortages.
The country's currency, the Kenyan shilling, has fallen to an all-time low, losing nearly 4 percent of its value against the dollar in February, according to Oxford Economics Africa.
The proposed Finance Bill, 2023 however has more taxes which will push Kenyans to a severe financial crisis.
The amendments, if passed, will among other taxes increase the VAT on petroleum products from eight per cent to 16 per cent.
This is likely to trigger a hike in commodity prices amid the soaring cost of living that is burdening Kenyans.
The Bill also proposes a mandatory deduction of three per cent of salary to the National Housing Development Fund.
It also raises taxes from the current 30 per cent to 35 per cent on those earning Sh500,000 and above.
The proposal includes a 15 per cent withholding tax on payments related to the monetisation of digital content.
Further, it seeks to introduce tax on human hair, eyelashes, switches and artificial nails.