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PostPosted: 17/10/2018, 10:48 pm    Post subject: 7 budget increas Reply with quote

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NAIROBI, June 8 (Xinhua) -- Kenya's Treasury on Wednesday presented a 23 billion U.S. dollar fiscal budget for the 201617 financial year, widening tax bracket as part of efforts to cushion low-income earners in the country.

The 20162017 budget increases from the 20 billion dollars in 20152016, premised on an expected economic growth rate of 6.0 percent in 2016 from an estimated 5.6 percent in 2015.

While delivering his budget statement in Parliament, Treasury Cabinet Secretary Henry Rotich said the government was addressing security challenges to enhance a friendly business environment, scaling up infrastructure investment and initiatives to drive agricultural and industrial transformation.

Rotich said 2.64 billion dollars had been allocated to the security docket for 201617: 1.24 billion to Defence and National Intelligence Service and another 1.4 billion dollars to the Interior Ministry.

"The people of Nairobi and Coast may have by now noticed the surveillance cameras installed in strategic points in Nairobi and Mombasa. These security surveillance systems provide real time footage to the National Police Operation Center, enabling security agencies to monitor and detect crime," he said.

He also announced that the government is working with partners to construct 20,000 housing units to provide decent housing for security agencies within 24 months.

Rotich proposed a waiver of taxes on bonuses, retirement benefits and overtime for workers who fall in that tax band - those who earn below 100 dollars.

He also proposed increasing the tax bands and reliefs by 10 percent. "These measures are meant to cushion the workers from the high cost of living and demonstrate our commitment to sharing the growth of our economy," he said.

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