Kenya African National Union (KANU) national chairman, Gideon Moi, on Friday, June 23, backed President William Ruto's efforts to reboot the economy from revenue generated through the Finance Bill 2023 but warned of loopholes that may hamper development progress.
While recognising the important role of the Parliament, the former Baringo Senator advised the government to focus more on transforming the lives of ordinary Kenyans.
Moi backed the Affordable Housing Programme and other related projects that would address the pressing needs of the people.
"In the case of the National Housing Development Fund, swift action is required to institute a robust legal, policy, and administrative framework that will govern the management and administration of the fund to ringfence it for its sole primary purpose, the construction of affordable houses for the people of Kenya.
"We reiterate that addressing the proliferation of informal settlements requires a comprehensive approach that goes beyond affordable housing initiatives," Moi stated.
He further advised President William Ruto to identify and seal loopholes corrupt individuals exploit to steal billions of taxpayers' money.
"Moving forward, the government should prioritise establishing transparent and accountable systems to seal avenues of corruption to ensure taxes are utilised as appropriated.
"To effectively tackle this issue, we must vigorously promote the country's economic growth, elevate labor incomes, and push more people from the fringes of the economy into the mainstream formal sector," Moi advised Ruto.
The former Baringo Senator also advised President Ruto to consider revising the country's taxation policies to create a thriving business environment.
He explained that high taxes can eat into a business's profits, making it more difficult to invest in growth, pay employees, and stay competitive.
When subjected to high taxation, businesses may have to pass on the cost of high taxes to consumers, which reduces demand for their products or services.
Moi also stated that the high taxes advocated for by the Finance Bill 2023 may discourage investment, as businesses may be less likely to invest in new equipment or expansion if the government takes a large portion of their profits.
"This calls for proactive measures that incentivise the private sector. Implementing favourable tax regimes and creating a business-friendly environment by reducing bureaucratic obstacles will attract direct foreign investment, particularly in industries that foster manufacturing and value addition.
"Such strategic endeavours offer the surest path to job creation and economic prosperity," Gideon Moi observed.
He also called on Members of Parliament to consider reviewing some of the most contentious issues the country was facing, especially, in the wake of ongoing debate on new taxes.
"As the Finance Bill 2023 awaits ascension into law, the public discourse surrounding it has shed light on Parliament’s fundamental significance as the interface between the people and their aspirations, as well as the executive and its policies.
"This underscores the need to continuously bolster parliament as an independent institution that must serve the interests of the people," Moi, who has been missing from the opposition frontline since the August 2022 General Election, stated.
