Proposed Finance Bill threatens job security, warns bankers

Kenya Bankers Association Ag. Chief Executive Officer Raimond Molenje. [Standard]

Bankers have warned of loss of jobs in the country due to looming reduced investments should the proposed Finance Bill sail through which partly seeks to introduce Value Added Tax (VAT) on foreign exchange.

The financial managers now say the bill that also seeks to introduce tax on foreign exchange may see a mass exodus of investors from the country, consequently hurting the employment sector.