President William Ruto has defended his decision to increase the VAT on petroleum products from 8 per cent to 16 per cent. The President said he intends to raise Sh50 billion from the enhanced VAT on petroleum products. The President said when he was sworn in, the oil marketers were at State House demanding Sh65 in subsidy arrears. "They told me they were running out of fuel, the government subsidy money and the subsidy was increasing at Sh15 billion a month," he said. "I have removed taxes on the same fuel, I have removed 3 and a half per cent road development levy from fuel, I have removed VAT of eight per cent on gas about 14 other taxes."

Source: The Star May 15, 2023 10:13 UTC