Kenya President William Ruto has revived a proposal to impose higher taxes on super-rich and high-income earners, Business Daily newspaper reported.

The government will seek to raise taxes from the wealthiest Kenyans, the president told Parliament in his inaugural speech.

The tax, which will be imposed on a person’s net worth after deducting their liabilities, will apply to all properties such as real estate, cash, investments, business ownership and other assets. 

Investors will owe the tax each year based on the market value of the assets.

“We are over-taxing trade and under-taxing wealth. We will be proposing tax measures that begin to move us in the right direction,” the president said.

Last year, the government said they were planning changes to the Finance Bill, including debates over the wealth tax, among many other fiscal reforms to boost revenues.

(Editing by Seban Scaria