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    "id": 102884,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/102884/?format=api",
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    "content": "In addition, the Treasury will work with the relevant line Ministries to review the policy and legal framework of the regulators and where necessary, introduce amendments to remove all charges and fees currently imposed. To finance their operations, funding will be done through the Exchequer. Mr. Speaker, Sir, we also recognise that our regulatory authorities are not in the business of generating income by imposing high regulatory charges and fees on businesses. To guard against over regulation as barriers to business and to ensure surpluses realized by our regulators are remitted to the Exchequer to finance critical development, I propose to amend the Government Financial Management Act to require all regulatory authorities to retain only 10 per cent of surplus funds realized at the end of each financial year and remit the rest to the Consolidated Fund. We are also taking the necessary steps to institutionalize and consolidate the countryâs business regulatory reform and fast truck the enactment of a number of Bills desigred to significantly enhance our investment climate. Among the important business reform Bills we intend to table soon include; the Companies Bill, 2010; the Insolvency Bill, 2010; the Partnership Bill, 2010; the Limited Liability Partnership Bill, 2010; the Banking Bill, 2009; the Deposit Protection Bill, 2010 and the National Payments Bill, 2010. I urge hon. Members to support these Bills when they come before this House because they are, indeed, critical to improving the business climate in our country. Mr. Speaker, Sir, an area of revenue administration deserving special mention is the area of VAT refunds. At various fora, businessmen have raised the issue of the need for speedy resolution to the VAT refund problem. Even in the Doing business Surveys, the time taken in meeting the registration, recording, filling and refunds management with respect to VAT has been identified as an impediment to a conducive business environment. Therefore, streamlining VAT administration is an important component of our overall strategies to improve the business climate. To tackle this problem, I will be putting in place several measures. Firstly, all outstanding refunds audited and firmed up as payable by the end of June, 2010, will be cleared by the end of July, 2010."
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