Hon. Charles Nguna, the Member of Parliament for Mwingi West Constituency, has publicly voiced his opposition to the proposed Finance Bill 2024. Citing the concerns of his constituents and the broader Kenyan populace, Hon. Nguna has criticized key aspects of the bill, which he believes will have detrimental effects on the country’s economy and specific sectors.
One of the primary points of contention is the proposal to increase the import declaration fee from 2.5% to 3%. According to Hon. Nguna, this move could exacerbate the country’s trade deficit issues. “Our economy heavily relies on imports, and increasing the import declaration fee will only strain our trade activities further. This fee hike will likely lead to higher costs for imported goods, which will be passed on to consumers, thereby increasing the cost of living for Kenyans,” he explained.
Hon. Nguna also highlighted the potential negative impact of increasing the duty on gaming and betting from 12.5% to 20%. He argued that this significant rise in taxation could harm the sports sector, which relies heavily on sponsorship and funding from betting companies.
“The proposed tax increase on gaming and betting could stifle the growth of the sports industry, as betting companies may reduce their sponsorships and investments in sports. This would not only affect professional sports but also grassroots programs that nurture young talent,” he noted.
The MP’s stance reflects a broader sentiment among Kenyans who are wary of the financial burden that the Finance Bill 2024 might impose.
