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NCBA Bank CEO Criticizes Proposed Taxes under President Ruto’s Administration

NCBA Bank Kenya PLC CEO John Gachora has voiced strong opposition to the proposed taxes outlined in the Financial Bill 2024 under President William Ruto’s administration.

Gachora has condemned the plan to introduce new transaction charges, denouncing them as unnecessary and condemning the removal of VAT exemptions for banking transactions, which would effectively introduce both Tobin Tax and Robinhood Tax.

Expressing concerns about the potential impact on the banking industry, Gachora warns that the bill could lead to a resurgence of “mattress banking” as people seek alternatives to avoid increased costs.

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NCBA Bank CEO further argues that the proposed taxes would inflate the cost of basic banking services, raise credit costs, and drive individuals towards the informal economy.

Gachora said economic fundamentals don’t explain why the Kenya shilling is stabilizing against the dollar.

“It’s hard to say because the fundamentals are not explaining the performance of the shilling. “Obviously, there is a good explanation in that we got quite a significant amount of dollars coming from the infrastructure bond.

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