The Crazy 2024 Finance Bill. How it will drive many into poverty!. #Finance

wow now this is wild we here in Kenya we have a bill called the Finance bill of 2024 and I’m telling you it’s a crazy one maybe probably we can just

listen even if you’re not a Kenyan and get to see do you have such kind of a thing in your country I am telling you there is a bill that is about to go before the Parliament and it’s about all about Taxes how much the Taxes we’re going to have in

terms of the increment now the point is this oh my goodness it reach to a point whereby I cannot ignore it I have to let you know guys how will it affect your personal advice or rather how will it affect your personal Income you know your Income and your

development your investment and all those kind of because I’m getting some of you guys asking me hey will it affect my Money Market fun will it affect the bills and Bonds and what you by the way it has sort of an effect on the Treasury bills

or other Treasury Bonds as far as the infrastructure one is concerned but anyway do what just relax and watch this CashNews.co because if you can actually know the solution of something before it happens can you just imagine how safe you can be all right so stick

around and watch this CashNews.co to the end and understand was our we expecting all right go ahead and by the way if you’ve never subscribed to my YouTube channel go ahead and hit that subscription button there is a small button written subscribe hit that magical button and also make sure

that you like the CashNews.co and comment on the comment section why are why am I telling you to do all this because I upload a CashNews.co each and every day let’s get to the business now we have this thing called the 2024 bold; color: #1a73e8; text-decoration: none;">Finance bill okay it’s a proposal it’s a proposal that there should be there will be an increment in terms of the Taxes and the one that is actually hitting the headlines is that there will be what what we call

and by the way if you’re watching this from outside the country I would like you to tell me from your country do you have this kind of a bill or something do you have like kind of a law whereby you have to pay 2.5% uh what do we call sort of tax on your car 2.5% of value of your car of value

of your car what does it mean like it means like say if you have a car that is worth say 2 million okay 2 million you’re going to pay 2 million okay so what is 2.5 million or what is 2.5% of 2 million you know that’s like close to like is it 50,000 50,000 there about like 50,000 or

something yeah you have to pay like that 50,000 each and every month no each and every year when you’re subscribed and then what they’re telling you is that when you’re going to pay this money for these Taxes you actually is actually inter Ted with your licensing

so you cannot evade it so by virt let’s say maybe you are paying your license for 50,000 okay so if you’re paying your license for 50,000 so it’ be 50,000 plus the 50,000 for the government so you’re going to pay 100,000 and obviously you know each and every country you

cannot have a car on the road which does not have a license so it kind of it comes with that package so I think the government will go there buy the cart and be able to get them I don’t know whatever it is the point remains that people have to pay these 2.5 tax on the car and I know

you’re like I don’t worry about I don’t have a car I don’t have an issue I’m telling you there is something called the trickle down effect you might say hey today I was actually reading the headlines and I was actually like I came across a point like the psvs yeah the

PSV the PSB that is a public service vehicle it’s like the taxis in South Africa it’s like the dalad dala in Tanzania it’s like the taxis in Uganda like the trro in Ghana they’re going to hike the the price of the travel you say you’re moving from one point to the

other maybe say you’re used to paying like 50 Shillings probably going to add like 20 you’re going to be paying 70 Shillings this mean something for your life let’s say you travel each and every day so there is an increment of 40 Shillings before you have to get out of your house

and come back so that is 40 Shillings multip by 30 that would be like 1,2 1,200 M by 12 yo I’m telling you that’s huge junk of cash that has actually been increased so what exactly does it affect you this is exactly how it is affecting you because what happens is that whenever there is

an increment of the Taxes and what view that cost is actually pushed to the consumers is pushed to the consumers it’s pushed to the consumers so you have to adjust yourself assuming that it all happens and your MP betrays you and actually votes yes for the bill to pass then

it be that the kind of a cost that has to part with so you actually need to think and be like okay oh my goodness there is a new 1,200 actually I don’t know why have you ever realized this about life you find that the bills kids grow very fast but we have that young kid there called the

salary does not grow and if it grows then it grows at a very slow rate you realize maybe probably for the last three or four years you have not been increased any salary probably not even probably the cooking oil has doubled in price the price of the fuel in from the US you call them I don’t

know gas whatever the thing it is has actually increased you realize the rental Income or the rent has actually increased the transports has increased the food prices and what has increased but your salary has always remained constant and you’re expecting to grow and all

those kind of things and obviously for example if the cost of production or if the cost goes High then it means even that transport money that usually pay for your kid has to increase probably because you know the the fuel is increasing and it has a repo effect and that repo effect is what going to

trickle down to the consumer the other thing that is actually crazy about this bill is that the content creators I don’t they being proposed that they’re going to pay 5% of whatever they’re earning if you after all you’re earning from whatever the thing that you’re

doing digitally whether you’re working online whatever the thing it is you have to pay the Taxes and what have you so the point is you have to pay a tax of 5% and uh I heard also there was an increment on the Taxes on the cameras and the production gear and

you’re like oh my goodness then there is a increment of the fuel there is that it’s like you’re having double taxation I’m not here for political things I’m just here for the monetary part of it and how it going to affect you so the point is how do you adjust yourself

as early as you can and again before I go to how can you adjust yourself there is another thing that we love most personally I love it most and we haven’t seen it for quite a long time like for from March up to now we on June and that is um we haven’t seen something called the

infrastructure Bond it’s an method of investment and they are proposing see if infrastructure bond has been uh taxfree you know where invest your for example the last one we had was around 18.4% you know taxfree meaning like whatever you invest there you don’t pay tax I came across a

point whereby they say hey you know what you’ll be paying tax on that specific infrastructure Bond probably that’s the reason why they have not floated any as of now from that particular time we have like 3 months ago they have not actually floated that infrastructure uh you know Bond

since then I should say maybe since Independence or whatever it has actually been taxfree but now the tax is about to be introduced so that at least you know they can be able to expand the basket of Income and by the way I’m not trying to brush off the aspect of paying

Taxes I support any country to ask for the Taxes but I actually say if you can have a little bit of understandable one like the one is a bit favorable you know so that at least at the same time yeah we pay the tax for the purposes of the growth of our country and

also so not not to because honestly speaking you know when I look get from the point of I’m actually seeing most of the people might actually go into the poverty you know we are trying to salv yeah I know you might say for whoever is proposing this might be like okay fine in the long term it

going to have a a good thing true but we’re going to sacrifice the current generation for the sake of the future generation wow that’s a bit tough but anyway you may argue also from the point of there are people who fought for the independent some of them even died in the bushes they

never enjoyed the independence so you have to pay the Taxes for the sake of the coming Generations but for now I still at Le at least we still have a life to live so it is good to pay Taxes yes but at least be considered it in some things too or the other the other

thing about the Taxes that actually also saw it that he going to be there that the k k is like Kenya Revenue Authority that is uh and I don’t know why have ever realized one thing most of the institutions in Africa they end with the term authority authority

authority not a service you know there was a proposal that they have to they want to change the K from K to ks you know Kenya Revenue Service you know where they make it look as if it’s a bit friendly it’s a service rather than Authority ntsa you know in America they

call it NTSB but here in Kenya it’s ntsa so it has to end with authority authority authority CMA Capital Market Authority I don’t know why in Africa you power is a kind of thing I don’t know I’m not going the political way but anyway find out so any the

point is they are saying like the K now will be able to you know the banks or the K will be given the mandate to go to your bank and literally see what you have in your bank and your transactions you know so to see whether you’re actually you know doing the payment of those

Taxes and whatever so that they saying there are people actually hiding there here and there you know they are not able to or they’re not actually paying the Taxes that is supposed to be so we expecting a kind of a you know a bumpy ride in terms of the

Taxes where they come in anyway we are hoping you know we only Bank on the MPS that we elected to actually go there and vote it down but uh welcome to Africa I’m not saying anything on the same but the point is how exactly do you prepare yourself for such kind of inity one

thing that you’re supposed to understand is that always adjust your life the moment you real there is a change that is coming always adjust yourself this is high time you’re supposed to ask yourself I’m addicted too much into alcohol maybe they take a lot of money maybe saying

alcohol is say in a given weekend maybe you have to bring it down so that you can be able to salvate this probably if you don’t use matat maybe you have your own car you can actually because you have to part 50,000 50,000 divide by 12 a couple of thousands out there so you have to adjust

yourself so to accommodate this uh this eventuality that has happened it’s like giving birth let’s say you had like two kids all of a sudden well you have another kid there then it means you have to pay the school fees and what you so you have to adjust your life it’s either by

earning more or or you actually cut cost on some of the things that you find them unnecessary so the same case happen so you have to cut cost on some of the things but unfortunately there are some of the things you cannot cut cast for example I can’t tell you now go ahead oh be fasting now

don’t be eating doesn’t make sense so for the basics you can let them Remain the way they are but other things that you know are for entertainment and R we tighten the belt see if you can’t fight them you join them that is exactly what happens so some of the things are for example

is a refill of gases they small things that you can be able to hack them in a simple way you know refill of those gases you can actually you know be refilling it in in in sequentially you know you know identify that place where I usually go you know if you realize that uh some of the places that

you’re living is a bit expensive you cannot afford it try to a little bit Upgrade U downgrade your lifestyle in one way or the other maybe you’re having yourself a big car by the way I think right now sometimes I feel like that whatever thing is like going to benefit the rich why I like

let’s say for example this is a price of um that 2 million is a price of like an average car you know and and and then you find like you’re paying like a 50 g and then somebody with like 37 million or 40 million or even 50 million because we even have a car that worth that amount of

money is paying 100,000 so from 2 million to 50 or 30 million and because they’re saying the minimum you can pay is 5,000 and the maximum you can pay is 100,000 so it means even if you have a car that is worth more than 100 million or $1 million you’re still going to pay 100 so make

makes me feel like this guy who having a car worth 2 million is a bit disadvantaged I know you might be like he can buy the bigger one but what if it doesn’t have the capacity to do that so you can imagine these cars that transport our food will actually have to pay that thing even miss the

fairy the cost of fairing products from one point to the like just just expect the the rise of I mean the cost of living to actually go up there so I really hope that uh it would really mean good for this country but for now I’m I’m just crossing fingers that it doesn’t pass

because I not feel comfortable with it cuz wow it’s a bit it’s a bit tiep for me if if you ask me on a very serious note anyway I hope our leaders they’ll be able to be consider it on the same but that is exactly what you expect to have you know I don’t know for when it

would actually be presented before the parliament for them to debate and whether to pass it or whatever and I hope even if it pass the presidential assent will never happen so that the government the president will be like okay fine I won’t put that thing on the that specific paper so I mean

I’m just hoping that it don’t happen but it is a crazy one so just expect some things if it happens so adjust yourself in those particular areas so that at least you can do something see I’m trying to filter my wordss I probably you might feel like I’m trying to retain some

yeah because I don’t want to go the political way yeah I’m just giving you from the perspective of the Finances and how it will affect you just allow me to finish

this I’m not feeling even comfortable discussing this but just be aware yeah there something called the financial Bill and maybe watching me from outside the country or outside the Kenyan country tell me do you have that kind of a thing in your country like where you pay the

Taxes for your car like you pay the normal license then the value of your car you know you have to pay it included with the tax or the license Insurance I don’t know you tell me exactly how do you guys what’s that crazy bill that you guys have in your

country if you have any and what’s that crazy bill that you actually guys fought you know that it doesn’t happen and it happened let’s just see how crazy this continent of us is is actually is okay and and not even content the entire Globe okay for now it’s a goodbye

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