Hon Gathoni Wamuchomba has gone ahead and said, the Finance Act of 2023 dealt a serious hit to the cosmetics sector. Import duties on hair wigs, eyelashes, acrylics, nails, oils, lipsticks, varnishes, and fragrances were increased as a result.
Millions of Kenyans are employed nationwide in the beauty industry. A lot of people will be impacted if taxes are raised in that industry. Finance Bill 2024 has to reevaluate its tax reduction in the luxury sector.
It is evident that for employment, the Gen Z and millennial generations mostly rely on this industry. Following the passage of this Act, a large number of them lost their jobs. It is now clear to you why this “Rage.” We must examine the taxes in this area in order to reopen this industry.
The member of parliament for Nyaribari Chache Zaheer Jhanda introduced the bill & swore to have it pass. I stand to be corrected. And by the way, why haven’t we had investors come to set production facilities for such products here? Simple, unpredictable taxation system.
LINK: https://twitter.com/hon_wamuchomba/status/1809960637285462395