The Trade CS Moses Kuria has announced the new job opportunities for Hustlers.
In a letter to the press, the CS has proposed the removal of 35% duty in edible oil and substitute it with 10%.
Kuria says the edible oils value chain continues to be a major contributor to net cost of basic food commodities in the country.
“Whereas the Government has created measures to stabilize prices for essential household commodities, the importation of crude oil in the country, estimated at KES 102bn continues to draw back local manufacturing of this basic food commodity.” The statement seen by K47 digital news team reads.
In order to support local manufacturing in the edible oils value chain, Kuria says he has proposed that the Gov’t remove the 35% duty on crude oil and instead, introduce 10% exports and Investment promotion levy on imported crude oil.
“This levy, introduced on selected goods which local manufacturing industries have capacity to produce is meant to incentivize investments in local manufacturing.” He said.
Kuria details that introduction of this levy in the edible oils sector will also create a more level pricing of this basic food commodity.
According to the controversial CS, the proposed substitution will be effected once the exports and investment promotion levy comes into effect and will also contribute to growth of palm, soya and sunflower farming.
“The purpose of this letter, therefore, is to propose removal of 35% duty on edible oils and substitute the same with 10% export and investment promotion levy.” A letter signed by CS Kuria concluded.
