Tuesday, May 9, 2023 –The country is facing tumultuous economic period with government threatening to increase taxes and tax bracket from the bottom.
As we speak today, helpless Kenyans have been asked to prepare themselves for more taxes as the new regime contemplates reducing borrowing from external lenders.
This decision is both productive and counter-productive because, in the short run, it is going to hurt the poor lot while, in the long run, it could bring a sigh of relief. The country could start breathing again in around three to four years’ time.
“Any conversation on taxes without an accurate referral to the Debt strain Kenya is facing is idle talk that should be ignored. Whether from the opposition or the media, what the country needs is a dose of reality on how steep the climb is, not cheap brownie points,” President William Ruto’s close ally Aaron Cheruiyot pointed out and quickly supported by Nandi lawmaker samson Cheraragei
Economist have advised any Kenyan to be ready to adjust their pockets to suit the looming economic changes under the William Ruto-led government.
It will be important to make some urgent changes on spending especially on things that do not add value to one’s life.
“People with issues with Finance Bill, sit down, write an alternative budget that cushions external shocks without IMF, brings down deficit with no tax measures. And do the numbers. As Sam Rayburn said “Any jackass can kick down a barn but it takes a carpenter to build one,” Government economic advisor David Ndii said.
Kenyans should reduce entertainment, cut down costs like mobile phone credit on data if what you do with your phone is only surfing Facebook, Instagram and Twitter without making money online.
If you have children in a bit unaffordable learning institution, you ought to start evaluating yourself and decide whether switching schools could relieve your pockets from unnecessary financial strain.
You will also have to change where you eat your lunch as well as how you travel to your work station. If driving is expensive, you can consider a taxi or a public vehicle. All these will boil down to reduced experiences, anyway.
In a nutshell, if you can do anything at your disposal to reduce expenses and expenditures, why not go for it?
