In Kenya, Gen Z, comprising about 33 per cent of the population, is at the forefront of a growing movement to #RejectFinanceBill2024.
Known for their social consciousness and passion for driving positive change, this dynamic cohort is taking a stand against proposed punitive tax measures they believe will exacerbate their financial hardships.
The Gen Z protesters in Kenya reject the Finance Bill 2024 due to its significant amendments to Income Tax, Value Added Tax (VAT), and Excise Duty. They argue these changes will disproportionately affect them and burden an already overtaxed population.
Their concerns are rooted in several key factors :
Increased Cost of Living
The 16% VAT on basic food items like bread exacerbates the already high cost of living, disproportionately affecting young people and pushing more into poverty.
Expensive Financial and Digital Services
A 16% VAT on financial transactions and higher excise duty on mobile money and internet services stifle young entrepreneurs, making it hard to save, invest, and grow businesses.
Higher Excise Duty on Gambling
The increase from 12.5% to 20% impacts those relying on gambling for income, reflecting limited employment opportunities.
Costly Transportation
A 2.5% tax on motor vehicle ownership raises transportation costs, making it harder for young people to access education, jobs, and social activities.
High Taxation and Limited Employment Opportunities
Heavy taxes on essentials burden young entrepreneurs and worsen economic inequality. Despite high education levels, many young people remain unemployed or underemployed, leading to frustration.
Corruption and Governance Issues
Mismanagement of public funds has eroded trust in government, prompting calls for greater transparency and accountability.
Mental Health Challenges
Economic instability and social challenges are taking a toll on young people’s mental health, driving political activism.
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Gen Z argues that the Finance Bill 2024 will significantly increase the cost of living and financial hardships, worsening their economic challenges. They demand the government withdraw the entire bill, not just amend contentious provisions. Kenya’s youth, often at the forefront of social movements, are making their voices heard loud and clear, fighting for a fair and equitable future.
