President Ruto defended his country’s position as Africa’s creative economy and business process outsourcing hub. While this move was expected to generate significant revenue for Kenya, critics argue that it may discourage technology investors from entering or expanding their operations in the country. The digital services tax has been doubled to 3%, targeting foreign tech giants that utilize online platforms for marketing and selling products. Additionally, internal capital requirements for ICT companies have been removed.ĭespite these efforts to attract foreign investment, concerns have been raised about the impact of new taxes introduced by Ruto’s government. He also mentioned specific measures taken to support the technology industry, such as eliminating value-added tax on exported services and stock-based compensation taxes for startup employees.
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President Ruto assured potential investors of a stable and business-friendly environment, highlighting an easy-to-apply, consistent, fair, and predictable tax code that will remain unchanged for the next three years.
In a speech delivered in San Francisco, he emphasized the investment opportunities available in his country and praised the government’s “strategic priorities.” However, critics argue that recent tax increases imposed by Ruto’s administration may hinder business growth, particularly within the technology sector. It is said that, Kenya’s President William Ruto is actively seeking partnerships with American technology companies and investors.
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