President William Ruto while speaking On Wednesday, October 19 during the Kenya Manufacturing 20 by 30 Initiative in Nairobi stated that the country loses revenue in the manufacturing industry because of the use of fake stamps on products.
According to the head of state, this revenue that is lost ends up in the pockets of people behind the production.
“Part of our revenue gets lost because of the stamps that you use on your manufactured goods. Part of why our contribution of manufacturing to GDP is low is because many people pocket money meant for taxes,” Ruto said.
Moreover, President Ruto urged the manufacturing sector to champion the creation of jobs in the country.
“You have persuaded me that it’s possible for us to create one million jobs from the manufacturing sector and move the contribution of our GDP from seven per cent to 20 per cent in eight years,” he said.
Likewise, the head of state vowed to support the industry in ways possible to make this a reality.
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Furthermore, President William Ruto stated that by 2030, Kenya should be in a position to move revenue contributions and produce one million jobs from manufacturing.
He also promised to make the tax regime predictable, adding that if the job creation targets are achieved, there will be no exceptions for anyone not to pay taxes.
“We must all pay taxes and I will lead the way, there will be no exceptions for people who are politically connected, there will be no exceptions for anybody,” he said.
