BUDGET: Price of maize flour, bread to reduce
Treasury Secretary Henry Rotich on Thursday outlined measures to reduce the price of maize flour and bread in the budget of the next financial year.
In the new proposals, the CS said white maize will be imported tax free for the next four months.
“In order to make these commodities affordable to the common mwananchi I proposed zero rates to bread and maize flour to remove VAT altogether,” Mr Rotich said.
The CS warned that it the prices of these basic commodities are not reduced, the policy will be reversed.
“Manufacturers, wholesalers and retailers who sell such goods will be expected to reduce the price of these basic commodities, failure to which I will reverse the policy,” he stated.
TAX ON BETTING
The Cabinet Secretary also proposed a 50 per cent tax on betting, lottery and gaming sector, adding that proceeds will go to development of arts and culture.
Among the allocations made to sports is Sh200 million for the establishment of a sports academy.
To curb the drought situation in the country, the CS allocated Sh6.3 billion to irrigation programmes to reduce dependence on rain.
The LAPSSET project was allocated Sh10 billion and Sh9.7 billion allocated to the Last Mile electricity connectivity project.