Mandate Savings of 10% from Tax Revenue & Mineral Resource's for Kenya's Future
The Issue
As an economist, I have witnessed the detrimental effects of high taxation on our economy and the livelihoods of Kenyans. History has shown us that our dreams for a National Sovereign wealth fund, similar to Singapore's successful model, have not materialized due to various reasons. Our children deserve a future free from perennial debt burdens and responsibilities passed down from previous generations.
We are calling on Parliament to pass a law that mandates the government to save at least 10% of all tax revenue collected. This savings should be prioritized before any expenditure, development or debt repayment is undertaken by the state.
We are also Proposing that All Minerals in the Country be accounted for and the Government ensure that the residents of any region or area that has minerals be engaged as true Custodians of that wealth with a clear moratorium on how the wealth Proceeds obtained from the Natural resources is to be shared between Residents, County and National Government in Consideration too of what percentage (%) is to be saved in the Sovereign Wealth Fund for Future Generations as Generational Inheritance.
We propose that this NATIONAL SOVEREIGN WEALTH FUND (NSWF) be establishing and Operationalized under Chapter 12 of PUBLIC Finance of the Kenya Constitution, Article 203(1).
Kenya aspires to follow in Singapore's footsteps - a country that has successfully established its sovereign wealth fund and reaped its benefits. Like many other developing nations who have done so successfully, we too can ensure financial stability and secure our children's future.
A Sovereign Wealth Fund is a saving that a government makes/Puts aside some resources to serve as risk response, but also hand over something to our future generations. These savings can be derived from balance of payments Surpluses, profits, official foreign currency reservoirs, proceeds of privatizations, royalties and proceeds from minerals/Oil deposits (25%) or even setting aside a small portion of a Country's Annual Tax revenue collection (10%) which is what were proposing.
The time is now for us to take action and build a prosperous future for our nation and generations yet unborn. Sign this petition today - let us make saving part of our national policy!
Listen to the full speech as presented on Sunday 3rd March 2024 at the Mizani Conference ��
Petition Closed
The Issue
As an economist, I have witnessed the detrimental effects of high taxation on our economy and the livelihoods of Kenyans. History has shown us that our dreams for a National Sovereign wealth fund, similar to Singapore's successful model, have not materialized due to various reasons. Our children deserve a future free from perennial debt burdens and responsibilities passed down from previous generations.
We are calling on Parliament to pass a law that mandates the government to save at least 10% of all tax revenue collected. This savings should be prioritized before any expenditure, development or debt repayment is undertaken by the state.
We are also Proposing that All Minerals in the Country be accounted for and the Government ensure that the residents of any region or area that has minerals be engaged as true Custodians of that wealth with a clear moratorium on how the wealth Proceeds obtained from the Natural resources is to be shared between Residents, County and National Government in Consideration too of what percentage (%) is to be saved in the Sovereign Wealth Fund for Future Generations as Generational Inheritance.
We propose that this NATIONAL SOVEREIGN WEALTH FUND (NSWF) be establishing and Operationalized under Chapter 12 of PUBLIC Finance of the Kenya Constitution, Article 203(1).
Kenya aspires to follow in Singapore's footsteps - a country that has successfully established its sovereign wealth fund and reaped its benefits. Like many other developing nations who have done so successfully, we too can ensure financial stability and secure our children's future.
A Sovereign Wealth Fund is a saving that a government makes/Puts aside some resources to serve as risk response, but also hand over something to our future generations. These savings can be derived from balance of payments Surpluses, profits, official foreign currency reservoirs, proceeds of privatizations, royalties and proceeds from minerals/Oil deposits (25%) or even setting aside a small portion of a Country's Annual Tax revenue collection (10%) which is what were proposing.
The time is now for us to take action and build a prosperous future for our nation and generations yet unborn. Sign this petition today - let us make saving part of our national policy!
Listen to the full speech as presented on Sunday 3rd March 2024 at the Mizani Conference ��
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Petition created on 15 January 2024