NAIROBI, Kenya, Feb 24 – President Uhuru Kenyatta has continued to promote the Building Bridges Initiative (BBI) constitutional amendment Bill touting the envisaged 7-year tax holiday for business start ups.
President Kenyatta said the tax holiday will enable young people’s start ups to stabilize, and expand their endeavours.
He was speaking at the 2020-2024 Youth Fund Strategic Plan launch at the Moi International Sports Centre on Wednesday.
He also graced an award ceremony for 750 young entrepreneurs, the winners of MbeleNaBiz competition held under the Kenya Youth Employment and Opportunities Project (KYEOP).
“Through the legislative aspect of the BBI we intend to provide a 7-year tax holiday to young entrepreneurs like you who are receiving these grants, so that they can plough back their profits into business and grow their enterprises,” the President stated.
The President also took a swipe at those who claim that BBI is meant to benefit him, saying the proposed amendments are beneficial to all Kenyans.
“Those telling you that BBI is for Uhuru are not genuine. Do you want these monies to remain with KRA or you want them in your pockets?” posed the President amid cheers from excited youth.
The President further hinted on the return of the Kazi Mtaani programme, pledging to secure funding for the continuation of the initiative.
The programme was initiated in 2020 as a mitigation measure to cushion the youth against the adverse effects of COVID-19 which has exacerbated unemployment with the youth being the most vulnerable.
Further, he said KYEOP will inject a total of Sh1.3 billion into the youth economy.
“Of this amount, a total of 900 million shillings will go to 250 young entrepreneurs as grants. Each of these young entrepreneurs will receive an award of 3.6 million shillings to develop their dreams. The balance of 450 million shillings, will be given as grants to the other 500 winners. Each of these winners will get a total of 900,000 shillings to develop their innovations and ideas,” he stated.