By Africa.com | Created at 2024-10-30 19:26:47 | Updated at 2024-10-31 13:24:48
18 hours ago
Kenya’s Supreme Court has overturned a ruling by the Court of Appeal that declared the 2023 Finance Act unconstitutional, granting President William Ruto’s administration a significant win. The 2023 law, pivotal to government revenue, introduced higher taxes on fuel, a new housing levy, and increased top personal income tax rates—measures that led to opposition-led mass protests in 2023 and were briefly repealed. Ruto argues these taxes are vital for development and managing Kenya’s humongous public debt, especially after protests in June and July forced him to withdraw this year’s finance bill. With the law now upheld, the International Monetary Fund is expected to approve a new funding tranche, recognizing Kenya’s adherence to the targets of its loan program. The Supreme Court’s decision reinforces Ruto’s financial strategy, though public dissent remains strong.
SOURCE: AFRICA NEWS
