Kenya’s Star reported on December 23rd local time that 70% of Kenyans think their personal economic situation is worse than that of the same period last year, of which Kenyans are the most affected.
According to the same poll, half of the Kenyan people believe that the economic situation of their individuals and families is expected to improve in 2021, while 25% of the people believe that the situation will be worse in 2021.
Kenya’s Finance Minister Ukul Yatani recently announced that the tax cuts to mitigate the economic impact of the epidemic on businesses and individuals will end at the end of this year, and all tax rates will return to normal from January 1, 2021.
The corporate tax will be restored to 30% from the current 25%, personal income tax will be restored from the current 16% to 25%, and the value-added tax will be restored from the current 14% to 16%.
