Former Prime Minister Raila Odinga has claimed that most investors are contemplating shutting down operations and finding other tax-friendly destinations.
Speaking during a Citizen TV interview on Wednesday, December 27, the Opposition Leader argued that several taxes imposed by the Kenya Kwanza administration led by President William Ruto have forced some investors to flee from Kenya to find other safe havens.
Raila noted that their profit margins have plummeted due to high tax measures introduced by the current regime.
“We have created a very unfriendly environment for business; those already in the country are suffering because of high taxation… if the government wants to take everything from you, what is the incentive to do business? People will be looking at tax-friendly destinations,” Raila stated.
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Moreover, Raila noted that the trend has scared away other foreign investors who were willing to establish new bases in the country.
He reprimanded President Ruto insisting that the many foreign trips would not fix the mess already created. While defending his argument, Raila noted that most foreign countries consult with other established firms before setting roots in Kenya.
At the moment, Raila opined that most companies were struggling due to Kenya Kwanza tax measures.
“You are saying you are traveling around the world to attract investors; no investor will come when those already here are not feeling comfortable,” he said.
“You can make so many trips to the US, to Silicon Valley, but they will ask those American companies which are already here. So, it’s a waste of time and public funds globetrotting hoping you will bring investment here.”
However, Raila noted that Uganda and Tanzania had gained several investors due to Kenya's stance.
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