The government is being strongly urged by key industry stakeholders to establish a more supportive environment for Small and Medium-sized Enterprises (SMEs), arguing that their success is vital for fueling national economic growth and reducing high unemployment rates.
During a recent awards ceremony organized by Starbrands, business leaders and sector representatives pressed for a significant reduction in the financial burden on small businesses. Their recommendations specifically included implementing lower taxes and undertaking a comprehensive review of stamp duty charges. Stakeholders contend that these fiscal adjustments would not only ease operational costs for SMEs but also enable them to hire more jobless Kenyans.
Wangui Ngirici, Chairperson of the Kenya Seeds Company, emphasized the critical connection between fiscal policy and national self-sufficiency. She stated that a friendlier tax regime would significantly boost local agricultural production, thereby cutting down on expensive food imports. Ngirici credited recent interventions, such as the subsidized fertilizer program, with already achieving a drastic reduction in imported maize and wheat, leading to increased farmer output.
“At Kenya Seeds Company we have managed to generate enough wheat and maize seeds for our farmers, and this has resulted in increased production and a sharp decline in imports. The government should maintain these tax reliefs for the sake of our country’s economy,” Ngirici said. She also noted that efforts to combat fake seeds have helped secure the food supply chain.
The discussion extended to the real estate sector, where Bishop David Munyiri Thagana of the Glory Outreach Assembly highlighted that a better economic climate increases the purchasing power needed for property investment. He argued that sustained support for SMEs would strengthen multiple national sectors.
The Bishop specifically called for a re-evaluation and reduction of the stamp duties currently applied to land transactions. “Land investment transactions have declined over the past few months,” he noted, attributing this decline to the prevailing harsh economic times and stressing that lowering duties would make land acquisition more accessible.
The event concluded with an awards segment, where several brands were honored for demonstrating excellence and positive impact within their respective fields. Among the public figures recognized were Embakasi East MP Babu Owino and Principal Secretary for the State Department for Investment Promotion, Abubakar Hassan.
