Tax and Businesses –Wealthy businessman Zedekiah Bundotich alias Buzeki has predicted doom for government over increased taxation.
In his Monday August 21 statement, the tycoon faulted the current taxing mechanisms and rates by the government; saying the more this government taxes her people, the more it will lose taxes.
The seasoned businessman argued further that local businesses are facing financial upheavals which have been worsened by the introduction of increased Value Added Tax on fuel.
This, he said, is eating, a great deal, into their daily profits through increased costs of operation; leading to reduced business activities, locally.
“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.
The Buzeki Hauliers and Logistics CEO added that this deliberate taxation will soon see this government experience decreased taxation revenues and subsequent reduction in employment.
“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.
