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"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
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"content": "(d) by deleting paragraph (ea) and substituting therefor the following new paragraph-"
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"speaker_title": "Hon. Kuria Kimani",
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"content": "(ea) such excess credit in respect of a taxable supply that became"
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"speaker_title": "Hon. Kuria Kimani",
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"content": "zero-rated on 1st July, 2023:"
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"speaker_title": "Hon. Kuria Kimani",
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"content": "Provided that a registered person who incurred excess"
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"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
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"content": "credit shall apply to the Commissioner for a refund"
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"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "within six months from the date of commencement of"
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"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "this provision."
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"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
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"content": "I will just give a brief of where we. The Finance Bill of 2025 was seeking to amend five different laws, namely, the Income Tax Act, the Value Added Tax Act, the Excise Duty Act, the Tax Procedures Act, and the Miscellaneous Fees and Levies Act. So far, we have dealt with all the proposed amendments in the Income Tax Act. So, we are now in the next statute, the Value Added Tax Act, which this Finance Bill seeks to amend."
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"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
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"content": "This amendment seeks to retain the provision allowing the option to offset excess tax under any written law. Paragraph (ea) was introduced to allow for instances where permanent credits arose due to changes in tax rates. While the intention was to resolve an issue caused by legislation, the provision has failed to take effect due to technical drafting flaw."
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"speaker_title": "Hon. Kuria Kimani",
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"content": "This will help us avoid all the tax refund requests that KRA seems to get every time. I alluded that we only have a budget of about Ksh5 billion despite tax refunds being in excess of Ksh50 billion. This is a clean-up to ensure taxpayers are allowed to offset their current tax liabilities from excess tax they might have paid, even if that was under a different tax bracket. For instance, if you overpaid your input tax, you are allowed to offset it, whether from your corporation tax, Pay-As-You Earn (PAYE) or any other tax head in your tax obligation."
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