EXPERTS KENYA Ruto pledges wealth tax on tycoons to fix Kenya’s budget 6 months ago Szarlot Post Views: 181 Kenyan President William Ruto has revived a proposal to impose higher taxes on Kenya’s super-rich and high-income earners, endorsing the introduction of a wealth tax that failed to sail through Parliament over the past four years. The idea is the latest in a long list of efforts to raise taxes on the super-rich as the new administration seeks to cut reliance on loans to fund the national budget amid the burgeoning public debt. The President told Parliament in his inaugural speech on the floor of the House on Thursday that his administration will seek to raise taxes from the wealth accumulated by the richest Kenyans over getting revenues from workers and traders. This sort of tax would be based on a person’s net worth after deducting their liabilities and would only apply to the richest citizens. Different from many other kinds of taxes such as income tax, people with sufficient networth would owe wealth taxes even if they failed to take any action, like earning income or selling assets. It would apply to all property such as real estate, cash, investments, business ownership and other assets, less any debts, and investors would owe the tax each year based on the market value of the assets. Source: theeastafrican.co.ke About Post Author Szarlot I am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. See author's posts SzarlotI am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. Facebook Twitter LinkedIn Email Print Tags: Kenya, President Ruto, tax Continue Reading Previous The Good, the Bad, and the UglyNext Tackling dangers of gaming is top priority More Stories EXPERTS WORLD NEWS What does the UK’s involvement look like in African business today? 9 hours ago Szarlot EXPERTS NIGERIA GamStop And Responsible Gambling in Nigeria 11 hours ago Szarlot EXPERTS KENYA KRA gains more from gaming and betting collections 12 hours ago Iwo Bulski EXPERTS KENYA Betting firms inflating sponsorships to avoid taxes 12 hours ago Szarlot EXPERTS NIGERIA Is the Cryptocurrency Noise in Nigeria Gradually being Silenced? 1 day ago Samuel EXPERTS KENYA Kenyan Govt Invites Public Submissions in the Creation of National Lottery 1 day ago Szarlot EXPERTS KENYA Naira Marley advises Muslims to forget betting during Ramadan 2 days ago Samuel KENYA LOTTERIES Ruto boosts national lottery plan with two new Bills 2 days ago Szarlot EXPERTS WORLD NEWS Record 2022 numbers for Playtech 5 days ago Iwo Bulski BETTING EXPERTS Is Long-Term Betting a Smart Investment Strategy? 6 days ago Szarlot BETTING KENYA MossBets Steps Up Virtual Gaming In Kenya 6 days ago Samuel EXPERTS GHANA Casino Industry in Ghana Compared to South Africa 1 week ago Szarlot Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.