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{
"id": 1587392,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1587392/?format=api",
"text_counter": 474,
"type": "speech",
"speaker_name": "Nandi County, UDA",
"speaker_title": "Hon. Cynthia Muge",
"speaker": null,
"content": " Hon. Temporary Chairman, Mwalimu Omboko Milemba has been able to address my concern as well. It is proposing that the person who was unable to settle their debts is again added a further liability of paying the taxes owed by the taxing institution. The Chairman should do justice and explain further, so that we can get another perspective. We have heard that they are giving an additional burden to the person who was unable to pay their debts."
},
{
"id": 1587393,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1587393/?format=api",
"text_counter": 475,
"type": "speech",
"speaker_name": "Hon. David Ochieng’",
"speaker_title": "The Temporary Chairman",
"speaker": null,
"content": " Member for Samburu West."
},
{
"id": 1587394,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1587394/?format=api",
"text_counter": 476,
"type": "speech",
"speaker_name": "Samburu West, KANU",
"speaker_title": "Hon. Naisula Lesuuda",
"speaker": null,
"content": " Thank you, Hon. Temporary Chairman. I do not understand the import of this amendment at all. The creditor will probably sell whatever needs to be sold and probably get more than what is owed. Maybe what was used as security for the loan will be sold at a higher price. Hence they will receive more money. The debtor is being asked to pay tax on the transaction. I do not understand how KRA intends to raise money from this. The creditors should continue to pay the tax so that when they dispose of the assets, they factor it in the process. The Chairman should provide an explanation for this. Otherwise, I will definitely oppose."
},
{
"id": 1587395,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1587395/?format=api",
"text_counter": 477,
"type": "speech",
"speaker_name": "Hon. David Ochieng’",
"speaker_title": "The Temporary Chairman",
"speaker": null,
"content": " I do not want a debate on this matter. The Chairman should clarify. Next is the Member for Dagoretti North."
},
{
"id": 1587396,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1587396/?format=api",
"text_counter": 478,
"type": "speech",
"speaker_name": "Dagoretti North, ODM",
"speaker_title": "Hon. Beatrice Elachi",
"speaker": null,
"content": " Thank you, Hon. Temporary Chairman. I need to understand this proposal. We must ask ourselves who the debtors and creditors are. This proposal can be misused in the disposal of various assets, such as mortgages. This is not solely about small assets. A bank could go rogue under the guise of this clause."
},
{
"id": 1587397,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1587397/?format=api",
"text_counter": 479,
"type": "speech",
"speaker_name": "Hon. David Ochieng’",
"speaker_title": "The Temporary Chairman",
"speaker": null,
"content": " Hon. Chairman, you mentioned that the debtor pays for the auctioneer's fee and subsequently, when consolidated, pays KRA the tax. Is that the position? Why must this happen?"
},
{
"id": 1587398,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1587398/?format=api",
"text_counter": 480,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": " We should begin with the moment a credit entity issues a loan to a debtor. The issuance of that loan is an exempt transaction. If the loanee defaults for any reason, but there exists collateral which was advanced whose transaction was tax exempt. When the creditor disposes of this asset to recover the obligation, that is a taxable transaction. This implies that when creditors initially advanced the payment to the debtor, it was “at a cheaper rate” because it was exempt. When the time comes to recover costs, they are required to pay VAT on that transaction. This complicates their ability to recover the costs of the loan. The obligation to pay for the transaction should rest with the defaulter, not on the financing transaction. Can this be abused? There are very good safeguards of repayment principles, which dictate that the interest should not exceed the principal amount. Even though there is merit in what the Members are raising, this can be addressed administratively by ensuring that the cost does not surpass the value of the particular item to the loanee."
},
{
"id": 1587399,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1587399/?format=api",
"text_counter": 481,
"type": "speech",
"speaker_name": "Hon. David Ochieng’",
"speaker_title": "The Temporary Chairman",
"speaker": null,
"content": " Order. The point raised is that the money initially provided is exempt, but now it is being taxed because it has accrued interest. The interest is what is being recovered. Let us have Hon. Oundo."
},
{
"id": 1587400,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1587400/?format=api",
"text_counter": 482,
"type": "speech",
"speaker_name": "Funyula, ODM",
"speaker_title": "Hon. (Dr) Ojiambo Oundo",
"speaker": null,
"content": " Hon. Temporary Chairman, I see a practical challenge in implementing this clause. The Chairman and his technical team should take note of this. Assuming that an individual has taken a mortgage on a property, and in the event that one defaults, the Land Act is clear that the property should not be sold for less than The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
},
{
"id": 1587401,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1587401/?format=api",
"text_counter": 483,
"type": "speech",
"speaker_name": "Funyula, ODM",
"speaker_title": "Hon. (Dr) Ojiambo Oundo",
"speaker": null,
"content": "75 per cent of the market value. If a person has been servicing the loan and then defaults, this has already been capped at 75 per cent. This presupposes that the bank should absorb all the attendant costs in respect of the same transaction, to the extent that they do not expect the debtor to service the outstanding debt. This is the implication. We should avoid a situation where the auctioneers and banks collude and fleece debtors."
}
]
}