THE STANDARD By
Frankline Sunday |
January 22nd 2021 at 00:00:00 GMT +0300
East African private sector has asked Treasury to implement the one per cent minimum tax on informal businesses to increase revenue collection and stimulate economic growth.
East African Business Council Chairman Nicholas Nesbitt said yesterday the government’s increased borrowing from the domestic market and falling revenue collection starve the private sector of credit and worsen the challenge of pending bills experienced by many suppliers to government.
“The constant conversation is to expand the tax net and the minimum tax is one of the ways to do this,” he said during the launch of a report by the East African Business Council on the state of the East African economy.