Foreign investors are essential to the economic growth and development of any country because they generate both new jobs and tax income for the government.
Taxes collected from businesses are used by the government to fund both day- to- day operations and long- term goals like infrastructure improvement and social welfare programs.
William Samoei Ruto’ s lawyer and senior counsel, Ahmednasir Abdullahi, claims that the outgoing president drove away international investors by charging high taxes in an effort to pin down their firms.
Ahmednasir Abdullahi reported that the government of Kenya’ s current president, Uhuru Muigai Kenyatta, refused to issue business licenses to foreign investors unless they agreed to pay the government of Kenya 30% of their gross profits.
Some betting sites, including sportpesa, were shut down during the second term of President Uhuru Muigai Kenyatta because of the implementation of new levies.
Aliko Dangote, the richest billionaire in Africa, was similarly prevented from launching a firm in Kenya due to tax concerns.
Aliko Dangote backed out of plans to establish a Dangote Cement facility in Kenya because the country’ s tax rate was too high.
According to Ahmednasir Abdullahi, William Ruto’ s government has been in serious negotiations with a number of interested international investors eager to expand their operations in Kenya.
For instance, Aliko Dangote, the richest man in Africa, was seen with other dignitaries today in the VIP lounge at Kasarani national Stadium for William Samoei Ruto’ s inauguration. The construction of a Dangote Cement plant in Kenya is a near- certainty at this point.
Despite all this Kenyans expectations are high as they await the new government being led by the newly elected President William Ruto to start serving them and accomplishing there promises to them.
