President Uhuru Kenyatta has called for an overhaul to Kenya’s tax regime to lower taxes for Micro, Small, and Medium Enterprises (MSMEs).
In a directive to KRA and the National Treasury, the President ordered review of tax structures in relation to small business. In addition, he opines that favorable tax regimes foster tax compliance while reducing the tax burden.
Furthermore, there will be reduction or where possible, elimination of fees and charges levied by Government Agencies.
The government will also eliminate bureaucracy and simplify the processes of trade and access to credit. For instance, the STAWI financing program will enable SMEs to play their rightful role in national economic transformation agenda.
The President also lauded the new KRA unified payroll housing NSSF, NHIF, PAYE and NITA as it reduces compliance burden on employers.
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In addition, the judiciary will also ensure that commercial disputes below the value of Ksh1 miilion be exempt from court fees.
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