Businessman Buzeki Points out how Taxation Will Grind Economy to a Halt

• Author
• Recent Posts

Chrispen

Business || Brand strategist || Marketing - We make and break Brands®

Latest posts by Chrispen (see all)

• Mother who has Lived a Painful Marriage Life - November 22, 2024
• Microsoft Chops OneDrive Storage Capacity for Student Accounts - November 21, 2024
• Kenyans now aim Guns at SHA-Adani Deal, Issue Altimatum to Ruto - November 21, 2024

Monday, August 21, 2023 –Businessman Zedekiah Bundotich alias Buzeki has predicted doom for government as it continues to tax businesses so that to repay borrowed loans.

In a Monday August 21 statement, the tycoon faulted the current taxing mechanisms and rates by the government; saying more business will shut down and eventually the economy could come down.

The seasoned businessman argued further that local businesses are facing financial upheavals which has been worsened by the introduction of doubled Value Added Tax VAT on fuel.

This, he said, is eating into their daily profits through increased costs of operation; leading to reduced business activities in the country.

“Our businesses are facing a significant decline in profitability, and the new taxation act has worsened the situation. Leaders are avoiding the issue, claiming that the country is caught up in a dilemma between having a lighter tax law and the hard one we currently have that will “supposedly” generate sufficient revenue to pay off debts and reduce borrowing,” he stated in a statement seen by this writer.

Bundotich added that this deliberate taxation will soon see this government experience decreased taxation revenues and subsequent reduction in employment rate.

“Unfortunately, the GOK will experience a decrease in tax revenue, and a substantial number of job layoffs. It is crucial for our leaders to engage in a meaningful discussion to this reality before it becomes a crisis,” he further argued.

The investor, also a politician, is a renowned businessman from Rift Valley with vast interest in Transport, finance and Real Estate.

He was reacting to the increased news of business shutting down in Kenya and moving elsewhere with Presidential Economic Advisor David Ndii asserting authority that taxation remains on course in their administration.

“Uhuru and his family and cronies stole and squandered a lot of money. We will pay the price for a long time. No amount of trolling and social media scrubbing will change that. Facts are stubborn things,” he wrote in a statement seen by Homenews.co.ke.

Mr. Ndii also used the opportunity to state that the fuel subsidy had not been restored but, instead, claimed it is a fuel stabilization fund.