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The Kenya Association of Manufacturers (KAM) Chairperson, Antony Mwangi, has expressed concerns that the 2024 Finance Bill will make imported goods cheaper than locally manufactured ones. Mwangi argued that the proposed levies on raw materials and production services will increase the cost of production, making locally manufactured goods less competitive compared to imported goods.

He cited the example of the paper industry, where the introduction of a 10% export investment and promotion levy led to a collapse in exports and a shift to importing paper products. Mwangi emphasized that the government should prioritize encouraging production to increase the tax base rather than imposing taxes that discourage investment and make Kenya less competitive in the region[1].

Citations:
[1] https://www.citizen.digital/news/imported-goods-will-be-cheaper-than-locally-manufactured-ones-kma-chair-on-impact-of-finance-bill-2024-n342993
[2] https://kam.co.ke/kam-statement-on-the-finance-bill-2023/
[3] https://www.tuko.co.ke/business-economy/550009-finance-bill-2024-list-4-taxes-proposed-cooking-oil-manufacturers-warn-raise-prices/
[4] https://www.the-star.co.ke/business/kenya/2024-06-05-high-taxes-will-drive-alcohol-manufacturers-out-of-kenya-abak/
[5] https://kam.co.ke/implications-of-finance-bill-2024-on-manufacturing/

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