World Bank: Kenya tax plans to hurt purchasing power
The World Bank said Kenya's economic growth is likely to be dampened by its proposed tax measures, which will eat into the disposable income of most Kenyans, especially the employed. PHOTO | CYRIL NDEGEYA | NMG
The purchasing power of households in the medium term will be negatively affected by the proposed tax measures in the Finance Bill 2023, the World Bank has said.
This is likely to add to the current inflationary pressures owing to an increase in prices of basic commodities, especially food and fuel, and also signals tougher times ahead for businesses that are dealing with reduced demand on account of the high cost of goods.
