'Don't gamble with tax', private sector tells Ruto

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Businesses shutting down, massive job losses, further increase in cost of living and failure by the taxman to grow tax collections are some of the likely impacts of some of the proposed tax measures in the Finance Bill 2024.

This is according to industry players, who while making submissions to the National Assembly's Committee on Finance and Planning, noted that many proposals are likely to cause major negative disruptions to the economy. This is in comparison to the National Treasury's intended impact of growing tax collections and enabling the government to rely less on borrowing to meet its spending plans.