Tax Raider or Budget Artist? Unpacking the Controversial 2024 Budget with Prof Njuguna Ndung’u
The June 2024 issue of Nairobi Business Monthly is a must-read for anyone invested in Kenya’s economic future.
With a hard-hitting cover story titled “Tax Raider or Budget Artist?”, the magazine dives deep into the contentious 2024 Budget introduced by Treasury CS Prof Njuguna Ndung’u.
This issue unpacks the myriad of reactions and implications surrounding the new tax and spending measures, exploring whether they will aid in economic recovery or push Kenya further into fiscal turmoil.
Inside This Issue:
Economy and Governance
- Sh600 Million Lab for Artisanal Mining (P.4): Discover how a new lab in Western Kenya aims to revolutionize artisanal mining, promising improved practices and productivity.
- Future of Logistics Business (P.5): Despite global conflicts, the logistics sector is poised for growth. Learn about the opportunities and challenges ahead.
- Loan Defaults in Kenya (P.7): A data visualization of rising loan defaults, now at Sh630 billion, highlighting the financial struggles faced by Kenyans.
- County Funds Management (P.8): An urgent call for prudent use of county funds to ensure sustainable development and service delivery.
Business and Careers
- Identical Informal Businesses Side by Side (P.38): Why do informal businesses cluster together? We explore the economic and social dynamics at play.
- Popular Careers Among Gen Z (P.46): A nationwide survey reveals that entrepreneurship and becoming a social media influencer are top career aspirations for the younger generation.
Technology and Innovation
- Green Transition (P.42): What will it take for Kenya to achieve a green transition? We delve into the strategies and challenges of building a sustainable economy.
Finance and Markets
- Teachers’ Welfare and Borrowing (P.30): How excessive borrowing is impacting teachers’ welfare and what can be done to alleviate their financial burden.
- Kenya’s Economic Growth (P.33): Analyzing the key figures that signal economic growth in Kenya, despite the hurdles.
Urban Development and Planning
- Nairobi’s Urban Planning Woes (P.34): A Critical Look at How Poor Planning is Leading to Nairobi’s Regression rather than Progression.
Corporate News
- Copia’s Closure (P.12-13): Insights into why Copia is shutting down its operations in Kenya, reflecting broader challenges in the business landscape.
Finance Bill 2024: A Double-Edged Sword
The heart of this issue is the in-depth analysis of the Finance Bill 2024 (Cover Story), which proposes significant changes aimed at expanding tax collection. Key points include:
- Increased Excise Duty: On services such as telecommunications and financial transactions, impacting consumers and businesses alike.
- Financial Inclusion at Risk: Higher costs of digital money transfers could deter the use of these services.
- Betting Taxes: Aimed at curbing irresponsible gambling by increasing the excise duty rate on betting and gaming.
- Tax Collection Strategies: Discussion on the need for improved tax collection mechanisms and the challenges of adopting electronic tax systems.
- Penalties and Compliance: Concerns over steep penalties for non-compliance with new tax regulations, potentially burdening small businesses.
Download the June 2024 Issue Now!
