President Uhuru Kenyatta presides over the unveiling of the #MbeleNaBiz Business Plan Competition (BPC) winners and launch of the #YouthFundStrategicPlan 2020-2024. [PSCU]
President Uhuru Kenyatta on Wednesday asked the youth not to be fooled on matters BBI saying the document is not about him.
Speaking during the award ceremony for ‘MbeleNaBiz’ winners at Moi International Sports Centre, Kasarani, the Head of State urged the youth to be smart and stand up for their rights.
He also advised them to be wary of those who try to woo them by dishing out goodies.
“Sasa vijana mkiambiwa hii BBI ni ya Uhuru... hii pesa mnataka ikae kwa mifuko yenu ama ichukuliwe na KRA? Wenzetu mjue kujisaidia na kusimamia haki zenu sio kudanganywa na kutupiwa… anyway wacha niache hiyo.” (Young people, do you want to have money in your pockets or you want KRA to take it all? Please learn to be self-dependent and stand up for your rights. Do not allow yourselves to be fooled.)
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He went ahead to drum up support for the BBI saying the proposed seven-year tax holiday would be beneficial to young entrepreneurs.
“If for instance, one of the grantees of this project decides to start a nail-making business, he or she plans to spend about 1.2 million shillings buying the necessary equipment and setting up.
Young entrepreneurs during the unveiling of the #MbeleNaBiz Business Plan Competition (BPC) winners at Kasarani. [PSCU]
“Market estimates suggest that the net returns to such a start-up business would be about 150,000 shillings a month or 1.8million shillings a year. In a normal tax scenario, the young entrepreneur would owe KRA about 540,000 shillings of the 1.8 million shillings profit each year. And in 7 years, they would have paid KRA approximately 3.7 million shillings in taxes,” he said.
Adding: “But with the proposed BBI tax holiday, such an enterprise by a young person would not only save the 3.7 million shillings in seven years but will have generated a total of 12.6 million shillings in the seven years.”
The President also promised to continue supporting young people in business saying the government will continue implementing policies and strategies to provide affordable financial and business development support services.
