Home Business Retirees to pay tax in retirement as other sectors rejoice

Retirees to pay tax in retirement as other sectors rejoice

Treasury Cs Ukur Yattani

Yesterday’s budget reading by Cs for Finance Ukur Yattani received reactions from different sectors of the economy. The budget deficit now stands at sh. 835 billion. The country is now faced with Covid-19, floods and invasion of locusts. This poses a serious challenge to meet the very many vulnerable Kenyans needs.

Treasury has now expanded tax bracket by not exploring in manufacturing but taxing the bonuses and retirement benefits. That means income accrued for retirees will be taxed from NSSF. With the ever increasing cost of living the retirees will basically fold their sleeves in preparing for tough days ahead in retirement.

Treasury Cs Ukur Yattani.

The Treasury Cabinet secretary also touched the youth negatively by taxing the digital service where this category of individuals uses it massively. The digital service was imposed 1.5% tax. Most people are employing digital platform in most of their functions. Over taxing will derail the e-commerce development.

Cooking stoves and cooking gas levy will likely send Kenyans back to firewood thus increase in disafforestation. The Cs also imposed 14% value added tax on liquefied petroleum gas (LPG). The import duty on steel and iron products was retained to protect the local manufacturers from external competition.

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