By DAVID MWEREMore by this AuthorNational Assembly Speaker Justin Muturi said on Friday that private sector players have no option but to pay taxes to the government to enable it finance its operations. Mr Muturi spoke in Mombasa during the second annual roundtable meeting with the Kenya Private Sector Alliance (Kepsa) in Mombasa, as the Kenya Revenue Authority (KRA) steps up measures to collect revenue to support the Sh3.02 trillion budget for the current financial year. “Transfer pricing is a huge challenge that has inhibited economic growth by denying this country revenue through tax evasion by multinationals. “One wonders why the private sector is quick to implement any increase in taxes but drags its feet [when it comes to a decrease],” said the Speaker. The private sector should ensure tax gains are passed as fast and enjoyed by the consumers.”INSURANCEMr Muturi also decried the low penetration of the insurance industry in the country.

Source: Daily Nation October 18, 2019 14:48 UTC