The Kenya Association of Manufacturers (KAM) has revealed details of a closed-door meeting President William Ruto held with private sector players at State House on Tuesday, March 13.
In a statement, the Association noted that their discussions centred around four agendas including taxation policies.
In particular, KAM highlighted that they discussed the creation of a stable tax environment which will allow businesses to thrive and create employment opportunities for Kenyans.
Also present at the meeting were representatives from the Kenya Private Sector Alliance (KEPSA), the Federation of Kenya Employers (FKE), the Kenya Association of Stockbrokers and Investment Banks (KASIB) and the Nairobi Securities Exchange (NSE) among other players.
Notably, some of the institutions have previously raised concerns over the current taxation regime which has seen the introduction of new tax measures such as the 1.5 per cent Housing Levy among others.
Additionally, the industry leaders discussed ways of making government services more efficient through a digital system.
The tycoons also pushed to have various companies venture into power generation.
"KAM Board Chairman Mr Rajan Shah and Board Director Mr Linus Gitahi, along with other private sector representatives, met with HE President William Ruto at a private sector gathering to discuss important policy issues crucial to achieving the Bottom-up Economic Transformation Agenda.
"Creating a stable tax environment, digitising regulatory platforms, supporting Agriculture for Industry (A41) programmes, and encouraging energy investment by reducing barriers and facilitating self-generation were some of the major topics covered," read the statement by KAM in part.
During the meeting, it was highlighted that Ruto appreciated the role of the private sector in the economy and promised to hold similar meetings on a regular basis.
"The round tables convened by KEPSA as the umbrella body will continue next week and will be focused on two sectors at a time ensuring that the focus remains on economic discussions with everyday issues being resolved at the Ministry of Industry, Trade and Investment under the business reforms committee chaired by Hon. Rebecca Miano," read the statement by KEPSA in part.
Notably, the meeting came just as the government was laying the groundwork for Finance Bill, 2024 which will provide a framework for taxation of various economic sectors in the next financial year.
The government has also drafted the Medium-Term Revenue Strategy which highlights tax measures government will undertake in the next three financial years.
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