Peace has returned to Kenya. This after Kenyan President, William Ruto, pulled the controversial Finance Bill 2024/2025 this evening (June 26) following widespread protests.
The Bill, published earlier this month, sought to raise US$ 2.7 billion in additional taxes to reduce the budget deficit and state borrowing. This Bill impacted a number of business sectors in the East African country, including the tourism sector.
It proposed the scrapping of certain VAT exemptions in the tourism sector including taxable goods for direct and exclusive use for the construction of tourism facilities, recreational parks of fifty acres or more, convention and conference facilities; specially designed locally assembled motor vehicles for transportation…