Kenya Budget 2008/2009 Update-Wheat Prices to Fall !

Finance Minister Amos Kimunya has announced on his 2008/2009 budget speech this afternoon that the VAT on Wheat and its products be reduced from 35% to 10% which effectively will mean bread, wheat flour("Unga ya Chapo") pastries wil drastically reduce in price.This is perhaps the best budget ever read by him and a show of good will in the light of rising food prices globally.He has also announced ambitious projects to open factories for the processing of honey, mangoes and other agricultural products in various parts of Kenya such as Malindi, Eldama Ravine, Muranga etc.

The budget speech reeks of an ambitious infrastructural development program.He has also announced efforts by the Government in introducing two bills, i.e low income housing bills and Landlords and Tenants Bill(Perhaps to replace the current Act) in order to address the issue of affordable housing for low income earners.That sounds as music to the ears of hard pressed Kenyans.More updates will follow i.e

• Bread & Rice-0 rated(VAT)
• Vat on Cement reduced from 45% to25%
• 0-rate VAT on motorcycles of below 2500 cc(boost to "boda boda motorcycle industry"
  
• 0-rate supply of air travel services in Kenya in line with international practice
  
• 0-rate import duty on printers purchased with computers
• 0-rate import duty on gymnasium equipment imported for use by hotels