HomeBusinessRuto committed to tax the rich to balance the budget.

    Ruto committed to tax the rich to balance the budget.

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    After four years of delayed progress in Parliament, a plan to increase taxes on Kenya’s ultra-wealthy has been given new life by President William Ruto, who has endorsed the establishment of a wealth tax.

    Only the very wealthy would be subject to such a tax, which would be calculated as a percentage of their total assets less their total liabilities.

    “We have a skewed tax system, with excessive taxes placed on trade and commerce while relatively low rates are applied on wealthy. We will be proposing tax changes that start to take us in the right path, and we will continue to do so “he stated.

    Aiming to reduce dependence on loans to pay the national budget in the face of the growing government debt, the new government is proposing this notion, the latest in a long line of initiatives to increase taxes on the super-rich.

    Those possessing a significant amount of wealth would be required to pay wealth taxes even if they did nothing to increase their financial standing (such as by working or selling assets).

    Real estate, cash, investments, company ownership, and other assets, minus liabilities, would all be subject to this tax, which investors would owe annually depending on the market worth of the assets.

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