Billionaire businessman Narendra Raval (popularly known as Guru) has voiced his support for the controversial Finance Act, of 2023, saying it contains incentives that will benefit local manufacturers.
The contested law has taxation measures offering protection to certain industries but also introduced a heavier burden on multiple constituencies including salaried workers and consumers of petroleum products.
Mr Naval through his firm Devki Steel Mills Ltd was allowed to join the case by a bench of three judges even as various parties and lobbyists oppose sections of the Act and want them quashed.
Justices David Majanja, Christine Meoli and Lawrence Mugambi allowed Devki Steel Mills and Electric Mobility Association of Kenya (EMAK) to join the case as interested parties after urging the court to let them give their views on the Act.
“That in the circumstances, the applicant (Devki) being a local manufacturer has a direct personal interest in the matter and if the court proceeds to hear the case without the applicant being joined as an interested party, the applicant stands to suffer irreparable harm, prejudice and damage,” he said in an affidavit filed in court.
Mr Raval’s group of companies is involved in the manufacture of various goods, specialising largely in the steel and cement industry.
The tycoon said Section 70 of the Finance Act, 2023, which provides for the Export and Investment Promotion Levy on all goods imported into the country, will benefit local manufacturers and they will be given incentives to make goods locally.
He says the country loses more than Sh800 million yearly because of the importation of steel products, taking into account the fluctuating exchange rates.
