June 13, 2024
ODM's Esther Passaris Has Urged Pres Ruto to Increase Withholding Tax to Banks And Saccos

ODM’s Esther Passaris Has Urged Pres Ruto to Increase Withholding Tax to Banks And Saccos

Nairobi Woman Representative Esther Passaris has spoken out on the ongoing debate surrounding the Finance Bill 2024.

As Ruto aims to curb Kenya’s thirst for debt to finance government projects, the bill proposes raising several tax components and introducing new levies.

Passaris stated on Thursday, May 16, that she wants the 5% withholding tax on infrastructure bond interest income doubled to 20%.

This, she contended, will punish banks, Saccos, and Pension Funds, discouraging them from investing all of their funds in the government’s infrastructure bonds at the expense of conducting business with ordinary Kenyans and the private sector.

“In my opinion, the proposed 5% withholding tax on the interest income earned from infrastructure bonds should be increased to 20% so as to completely bar commercial banks, pension funds and Saccos from lending to the government. They ought to concentrate on businesses, not government,” she stated.

While defending the planned levies, she stated that the country’s pending legislation is suffocating counties.

She also remarked that the government should tie up loose ends when collecting taxes to prevent the misuse and misappropriation of public funds.

“Now is the time to seriously tighten the belt and show it by action. No-go zones are; the health, education and security sectors. Healthy and skilled people in a secure environment are more productive. A healthy nation is a wealthy nation,” she added in an earlier interview.

Passaris’ statement comes only hours after she stated that she will vote in favor of the Finance Bill 2024, which has sparked outrage among Kenyans due to its proposed tax increases.

In a video shared on TikTok, the Woman Representative praised President William Ruto’s work ethic in serving Kenya.

She emphasized that just because she was in Azimio did not preclude her from supporting the President and congratulating him on a job well done in administering the country.

She further stated: “I love the president and the way he does things, his commitment to serve the people.”

Passaris also voted for the Finance Bill in 2023, for which Azimio penalized him Ksh250,000. She held firm, believing that the new measure was beneficial to Kenyans.

ODM’s Esther Passaris Has Urged Pres Ruto to Increase Withholding Tax to Banks And Saccos

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