Tax & Spend
Kenya Prepares Spending Cuts After Scrapping $2.3 Billion Taxes
- President forced to drop planned taxes after deadly protests
- Treasury planned to narrow fiscal gap to 3.3% of GDP from 5.7%
June 27: Kenya’s Ruto Scraps $2.3 Billion Tax Bill After Deadly Protests
Kenya is preparing to implement spending cuts after deadly protests forced President William Ruto to back down on plans to raise $2.3 billion in new taxes.
A supplementary budget for the year beginning July 1 is expected to be presented to lawmakers after parliament resumes sitting in about four weeks. The head of parliament signaled on Thursday the shortfall that’s expected to be created by the abandoned tax plans will be funded through spending cuts.