Over 240 company bosses have revealed plans to reduce their workforce within the next three months owing to the harsh economic times. The CEOs explained that the planned layoffs were necessary as they tightened their belts owing to the current economic times. In particular, those in the manufacturing industry highlighted the cost of doing business as a major factor affecting their businesses. The employers detailed that some of the tax proposals would adversely increase the cost of doing business and ultimately influence the policies of their workforce. Finance Bill 2024 seeks to introduce a number of taxation measures including Eco Levy on specific manufactured goods such as diapers, plastic bags and smartphones.

Source: Daily Nation June 11, 2024 08:39 UTC