Editor's Review

“People with issues with Finance Bill, sit down, write an alternative budget that cushions external shocks without IMF. 

The chairperson of President William Ruto’s Council of Economic Advisors David Ndii has told Kenyans criticizing the Finance Bill 2023 to sit down and write an alternative budget. 

Ndii in a tweet on Sunday, May 7 said the alternative budget should cushion Kenyans from external shocks without the International Monetary Fund (IMF). 

“People with issues with Finance Bill, sit down, write an alternative budget that cushions external shocks without IMF, brings down deficit with no tax measures. And do the numbers. As Sam Rayburn said Any jackass can kick down a barn but it takes a carpenter to build one,” said Ndii.

The Finance Bill 2023 proposes a 35 percent income tax on all Kenyans earning above five hundred thousand shillings.

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File image of Treasury CS Njuguna Ndung'u.

It also proposes 3 percent deductions on all employees’ basic salary towards the National Housing Development Fund, which will be matched by another 3 percent from the employer. The deductions will however not exceed five thousand shillings a month. 

“An employer shall pay to the Housing Development Fund established under section 7 of the Housing Act, in respect of each employee.

“The employer's contribution at three per centum of the employee's monthly basic salary; and the employee's contribution at three per centum of the employee's monthly basic salary, provided that the sum of the employer and employee contributions shall not exceed five thousand shillings a month,” the proposal stated.