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{
    "id": 1043563,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1043563/?format=api",
    "text_counter": 195,
    "type": "speech",
    "speaker_name": "Kipipiri, JP",
    "speaker_title": "Hon. Amos Kimunya",
    "speaker": {
        "id": 174,
        "legal_name": "Amos Muhinga Kimunya",
        "slug": "amos-kimunya"
    },
    "content": "Hon. Deputy Speaker, if you look at it from a quick calculation, 1 per cent of a turnover translates to your net profit at 3 per cent. So that 3 per cent becomes 1 per cent. Every business aims to cover at least the cost of inflation. The target inflation rate in this country is 5 per cent. So, nobody is in business unless you can cover the inflation rate. Otherwise, you would rather put your money in the bank instead of doing business. So, in terms of that argument that people are on a high turnover but low margin, I do not see people who are on a margin less than 3 per cent on a net basis unless on a 1 per cent should equate and get everyone to pay their contribution. In terms of the Corporate Tax like I said, we were at 25 per cent at the tax bands. Anyone with less than Kshs24,000 is not being affected. People earning over Kshs24,000 again using the same graduated rates are expected to revert and continue except people at the top rate, which if we restate to the pre-COVID period, I know there is a discussion whether that banding should be adjusted to make it simpler by not having so many bands, but to have like three bands. 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."
}