Sharp Daily
No Result
View All Result
Sunday, June 1, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

How Mbadi’s five-point strategy aims to boost incomes

Teresiah Ngio by Teresiah Ngio
December 2, 2024
in News
Reading Time: 2 mins read

National Treasury Cabinet Secretary John Mbadi has unveiled a five-point strategy aimed at putting more money into the pockets of Kenyans. This comprehensive plan targets the middle class, a group Mbadi describes as the “engine of the economy.” The strategy aims to address concerns over high taxes and expensive loans, which have led to reduced purchasing power for many citizens.

1. Gradual Reduction of PAYE

One of the key pillars of the plan is the gradual reduction of the Pay As You Earn (PAYE) tax. “Lowering PAYE will give working Kenyans more disposable income,” said Mbadi in an interview. This move is expected to ease the financial burden on salaried employees, particularly in light of rising living costs and higher statutory deductions.

2. Lowering Bank Interest Rates

RELATEDPOSTS

Mbadi pushes for additional rate cuts to stimulate lending

October 18, 2024

John Mbadi sworn in as treasury CS, promises major fiscal reforms

August 9, 2024

Mbadi also highlighted the need for affordable credit, focusing on lowering bank interest rates. High borrowing costs have stifled entrepreneurship and consumer spending. “Reducing interest rates will spur business growth and encourage investment in various sectors,” he explained.

3. Timely Clearance of Pending Bills

The Treasury has committed to the timely payment of pending bills, particularly to contractors and suppliers who have long complained about delayed government payments. According to Mbadi, “Clearing pending bills is crucial for maintaining cash flow in the private sector and ensuring businesses remain operational.”

4. Expanding Manufacturing and Value Addition

The fourth component of the plan involves expanding the manufacturing sector and promoting value addition in industries. This is seen as a critical step in creating more jobs and boosting economic output. “By strengthening our manufacturing capabilities, we can reduce reliance on imports and support local industries,” noted Mbadi.

5. Comprehensive Tax Review

Lastly, the Treasury aims to review Kenya’s tax policies and collection systems. The goal is to enhance equity and efficiency, ensuring that the tax burden is distributed fairly across all income groups. “A fair and efficient tax system is key to fostering economic growth and social justice,” Mbadi stated.

Since 2022, salaried Kenyans have faced increased deductions, including higher National Social Security Fund (NSSF) contributions and health insurance premiums. Mbadi’s five-point plan seeks to counterbalance these pressures by providing relief and boosting economic resilience.

Previous Post

Understanding the EOT in construction projects’ contracts

Next Post

eCitizen hits 22,000 services, targets KES 1B daily revenue

Teresiah Ngio

Teresiah Ngio

Related Posts

News

Co-op Bank posts KES 6.9 billion profit in Q1’2025

May 16, 2025
Agriculture And Economy
News

Lets get Kenya out of FATF list

May 9, 2025
News

The downside of Impact Investing

May 2, 2025
News

Leadership challenges at the University of Nairobi

April 24, 2025
News

Easter eggs and earnings: Growing your nest egg with CMMF

April 16, 2025
News

Geoffrey Ruku declares KES 377M net worth during CS vetting

April 15, 2025

LATEST STORIES

Best investments for Kenyan seniors: Secure, predictable & low-risk

May 30, 2025

Why June is the Secret Sweet Spot for Travel

May 30, 2025

Strategies to elevate more women to corporate leadership

May 30, 2025

Tap on Kenya’s 2025 tech revolution

May 30, 2025

How CURBS supports employers and employees

May 30, 2025

NSE deserves more attention from young investors

May 29, 2025

The silent strain of remote work on Kenya’s urban workforce

May 29, 2025

How Kenya’s crypto bill could reshape the digital economy

May 29, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024