KAM CEO, @wakiaga_phyllis - Manufacturing is the backbone of the economy & the force behind productive employment & opportunities for wealth generation. It has direct linkages to all sectors.
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KAM CEO, @wakiaga_phyllis - The Finance Act 2020 introduced new tax measures with the aim of increasing its revenue collection, eroding tax incentives & benefits that would otherwise, among others, form part of the backbone for the post-pandemic economic rebound.
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KAM CEO, @wakiaga_phyllis - These include the introduction of a Minimum Tax & adjustment for inflation, under Excise Duty Act 2015. Their timing is unfortunate for businesses already operating in a difficult economic environment due to #COVID19.
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KAM CEO, @wakiaga_phyllis - EAC approved measures geared towards promoting industrialization, encouraging local investments and promoting local production of #COVID19 personal protective equipment, among others.
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KAM CEO, @wakiaga_phyllis - However, the existing EAC Common External Tariff (CET) has been derogated by Partner States & is undermining industrialization efforts by favouring imported products.
#KAMKRAForum
KAM CEO, @wakiaga_phyllis - We remain committed to working with Government & other stakeholders, in developing policies & sustainable frameworks to boost industry’s productivity, creating jobs & making Kenya competitive in the global market.
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