HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept
{
"id": 102874,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/102874/?format=api",
"text_counter": 17,
"type": "other",
"speaker_name": "",
"speaker_title": "",
"speaker": null,
"content": "Mr. Speaker, Sir, we shall also continue to maintain a prudent fiscal policy stance as a critical component of our effort to attain the 5.1 per cent growth target for Financial Year 2010/2011, and expanding economic opportunities for Kenyans. The proposed fiscal strategy underpinning the 2010/2011 Budget takes cognizance of the reality that available resources are scarce and there is need to focus on national priority programmes that have high impact on our stated national objectives, but within a framework of a stable micro-economic environment. To this end, the overriding fiscal policy thrust will be to. First, maintain a strong revenue effort of about 22-24 per cent of GDP, largely achievable through targeted tax reforms; secondly, to continue growth of total expenditure while shifting composition of expenditure from Recurrent to capital expenditure and eliminating unproductive expenditures; Thirdly, within the Development Budget, prioritise infrastructural investments and enhance execution rate of both domestically and foreign financed development budget, and fourthly, contain the stock of debt to a sustainable level of about 40 per cent of GDP in the medium-term, so as to allow sufficient access to credit by the private sector, which is necessary for driving economic recovery. Mr. Speaker, Sir, towards a Common Market for the East African Community, hon. Members are aware that the Common Market for the East African Community will come in force starting 1st July, 2010. This is a very important milestone for all us in the Community, because it will create a single trading and investment environment in the region, which will be for the benefit of all of us. Therefore, let me take this opportunity to make it absolutely clear that Kenya is prepared to fully implement the provisions of the Common Market Protocol from 1st July, 2010. I also call upon our brothers and sisters in the Community to do likewise because, as we all agree, this is for the benefit of all our people. Mr. Speaker, Sir, the Government will deepen tax reforms in order to improve compliance, broader the tax net and increase revenue to finance our expenditure programmes that are geared towards economic recovery. During the 2009/2010 fiscal year, the Kenya Revenue Authority took several measures to streamline revenue administration systems, and improve efficiency in tax collection and taxpayer service. The Authority, in 2009/2010, implemented a range of on-line services that enhanced its ability to monitor revenue more effectively without the need for taxpayers to physically visit the Authorityâs premises. However, the Government is well aware that more needs to be done, especially to reduce the cost of compliance to the taxpayers while ensuring that the Authority meets the tax collection targets. Mr. Speaker, Sir, in the area of Customs Service, KRA will introduce an Automated valuation data-base system to strengthen the customs valuation function for purposes of assessing and collecting international trade taxes. The KRA will also roll out the Electronic Cargo Tracking System to enable effective monitoring of all transit goods in order to curb incidences of diversion of such goods into the local market. This system will eliminate the need for cargo escorts and thereby fast-track the movement of cargo across borders. With respect to domestic taxation, the KRA will continue with the implementation of the Integrated Tax Management System, which will enable businesses to file their tax returns online, thereby reducing compliance costs substantially. This system will also make it easier to process tax refunds, an issue that has been of major concern to the business community. I, therefore, want to urge our"
}