President Uhuru Kenyatta has said the Building Bridges Initiative (BBI) constitutional reform process will better the business environment in the country.
The President said reform proposals such as the seven year tax holiday proposed by the BBI will guarantee the survival of business start-ups in the country.
“In fact, the BBI initiative, which is about constitutional change and legislative change as well, will facilitate this process. Through the legislative aspect of BBI, we intend to provide a seven-year tax holiday for young entrepreneurs like the 750 grantees of this project,” President Kenyatta said.
He noted that the tax holiday will assist young entrepreneurs to plough back their profits into business and grow their enterprises.
“Instead of taking 1 billion shillings in taxes from the 250 young entrepreneurs in 7 years, we are proposing to have them retain this money and expand their endeavours,” the President said.
The Head of State spoke Wednesday at Moi International Sports Centre, Kasarani where he unveiled the 750 winners of the ‘MbeleNaBiz’ business plan competition and launched the 2020 to 2024 Youth Enterprise Development Fund (YEDF) strategic plan.
The business plan competition is a component of the 1.3 billion World Bank funded Kenya Youth Employment and Opportunities Project (KYEOP). KYEOP’s objective is to create new and expand existing youth-led enterprises by providing them with grant financing and business training.
A total of 11,737 youth participated in the competition out which 750 emerged winners. From the winners, 250 participants were awarded grants of Shs 3.6 million while 500 were granted Shs 900,000 each.
