Kenya’s Supreme Court Reinstates 2023 Finance Law

Kenya’s Supreme Court has reinstated the 2023 finance law, overturning an appeals court decision that had declared it unconstitutional. This ruling is a significant win for President William Ruto, whose administration has relied on the law for tax collection after protests forced the withdrawal of this year’s finance bill.

The 2023 law raised fuel taxes, introduced a housing levy, and increased top income tax rates, sparking protests that led to over 60 deaths in June and July. Ruto argues these taxes are essential for development and debt reduction. The IMF will review a new funding tranche for Kenya on Wednesday, assessing the country’s compliance with its requirements.

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