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{
    "id": 102469,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/102469/?format=api",
    "text_counter": 213,
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    "content": "Additionally, I propose to amend the Banking Act to raise the threshold of core capital that banks are allowed to invest in mortgage finance from 25 per cent to 40 per cent. I have also proposed to reduce land rent late payment penalty from 2 per cent to 1 per cent per month, in addition to a waiver of the current outstanding interest up to 30th June, 2010. This is in order to accelerate and facilitate the collection of the outstanding land rent arrears. Mr. Temporary Deputy Chairman, Sir, in order to ensure equity and fairness, I have also proposed to scrap the Advance Tax initially paid by PSV drivers and conductors before being issued with PSV licences. I have also proposed to grant a tax amnesty to Kenyans in the diaspora for income earned for the period prior to the year 2010. These measures will encourage inflow of remittances from those Kenyans, who have demonstrated their desire to invest in their homeland. Mr. Temporary Deputy Chairman, Sir, these are just some of the proposals that I presented in my Budget Speech with regard to deepening the tax reforms. The Tax Harmonisation Task Force has completed a preliminary review of our tax system. In addition, we have benefitted from international expertise on the next course of action to review comprehensively, our tax system. Going forward, the Government will appoint a Tax Reform Commission to come up with a tax code that is simpler and consistent with our Vision 2030. As a first step in this direction, the Government will fast-track review and formulation of a new VAT legislation to be tabled for debate in the next Budget."
}