Fake stamping by manufacturers costing kenya revenue.
President has spoken on fake stamping by manufacturers that is costing Kenya its revenue.
The President mentioned that the lost revenue is ending up in the pockets of people who preside over production and use of the fake revenue stamps.
“Part of our revenue gets lost because of the stamps that you use on your manufactured goods. Part of why our contribution of manufacturing to GDP is low is because many people pocket money meant for taxes,” President Ruto said.
Speaking on Wednesday, 19 at the Kenya Manufacturing 20 by 30 Initiative in Nairobi, the president added that the manufacturing sector to champion the creation of jobs in the country.
President Ruto said,”You have persuaded me that it’s possible for us to create one million jobs from the manufacturing sector and move the contribution of our GDP from seven per cent to 20 per cent in eight years.”
His excellency has promised to support the sector in order to bring to reality the creation of jobs in the country.
He said,”I promise you I will be available, my administration will be available so that we can actualise all these opportunities together.”
The commander in chief further added that when the job creation hits its target, it will ensure no one is exempted from paying tax, hence generating revenue.
The president stated,”We must all pay taxes and I will lead the way, there will be no exceptions for people who are politically connected, there will be no exceptions for anybody.”