CS Munyes wants 16% VAT on petroleum products suspended

Petroleum and Mining Cabinet Secretary John Munyes has called for the suspension of the 16% Valued Added Tax on petroleum products.

Munyes is instead calling for wider consultations between Treasury and Industry players claiming that the levy has negatively affected the petroleum industry.

Four days after the law on fuel levy came into effect, its ripple effects have been felt far and wide.

And with every day, there appears to be no let up amongst Kenyans and stakeholders in the Petroleum sector as they seek to pile pressure on President Uhuru Kenyatta to assent to the Finance Bill 2018.

On Thursday a meeting between Treasury CS Henry Rotich,  National Assembly Speaker Justin Muturi, Attorney General Kihara Kariuki and a section of standing committee chairs agreed to continue pursuing possible ways of cushioning Kenyans from the effects of the levy as well as ensuring that Kenya continues to honour its debt obligations.

Munyes now says the law should be suspended to allow for more consultations.

Munyes wants his Treasury counterpart Henry Rotich to extend consultations to stakeholders in the petroleum industry as a way of finding a middle ground to the looming crisis.

Munyes says the industry has suffered huge losses occasioned by the uncertainty about the future of the 16% levy.

 

  

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