The Law Society of Kenya has come up with several relief measures that will help salvage Kenya’s economic sector during the Covid19 pandemic.
In a letter addressed to the Cabinet Secretary National Treasury, LSK states that it seeks to assist the Government and the country at large in fighting the coronavirus pandemic that has serious repercussions on the economy.
LSK stated that the proposal contains fiscal relief measures that are to be considered by the Governments in order to provide relief to businesses, investments and the overall Kenyan economy during these tough times.
LSK proposed fiscal relief measures that cover the following areas;
- Income Tax
- Value Added Tax
- Tax Procedure Act
- Excise Duty
- Tourism and Catering Levy
- Stamp Duty
- Statutory filings at the Company registry
- Custom Duty and related levies
- Debts Relief and Moratoriums
- Payment of dividends
- Pending Bills
- Enhancing and promoting electronic commerce and filing processes.
These proposals will in one way or another save the economy as the world expects the worst in the coming days.
The proposed sent to CS Ukur Yattani through email has been copied to CBK boss Patrick Njoroge and KEPSA CEO Carole Kariuki. The LSK officials also stated in they will explain the proposals in person if they are given a chance to do so.
In the meantime, the world is currently staring at one of the worst epidemics which if not contained, would bring the global economy to its knees.
Countries are putting up measures to fight the Covid19 pandemic while at the same time striving to save their economies.
Due to the covid19 outbreak, major cities and towns in several countries have been locked down, businesses have also been closed down, Countries have closed their borders thus imports and exports have been affected.
People have been forced to work from home in order to reduce the spread of the virus.
Some experts say, over 25 million people are could end up jobless if the coronavirus is not contained in due time.