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{
    "id": 1060163,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1060163/?format=api",
    "text_counter": 304,
    "type": "speech",
    "speaker_name": "Kipipiri, JP",
    "speaker_title": "Hon. Amos Kimunya",
    "speaker": {
        "id": 174,
        "legal_name": "Amos Muhinga Kimunya",
        "slug": "amos-kimunya"
    },
    "content": "Clause 4 of the Bill seeks to amend the Stamp Duty Act to reduce the cost of doing business by exempting payments of a fixed Kshs100 duty on contracts. This reduces the tax obligation on businesses by reducing the number of tax returns they file in each month which means that they can use that time more productively to make money rather than paperwork. I also spoke about the NHIF Act of 1998. There is an amendment to create that common date for payment of all the taxes and deductions. Similarly, the National Social Security Fund (NSSF) Act, 2013 is being amended for purposes of harmonisation. The NHIF Act, the NSSF Act and the Industrial Training Act are amended to make the date coterminous with the PAYE date, which is 9th of every month. Clauses 14 to 17 seek to amend the Companies Act No.17 of 2015. The first one is to eliminate the reference to the use of company seal because it was deleted at the Business Laws (Amendment) Bill of 2020, but is still resident in the Law of Contract, and there is need to harmonise that. Fundamentally, an amendment to the Companies Act has been brought out by this COVID-19 Pandemic where physical meetings have been a challenge and companies started conducting virtual meetings through an advisory by the Solicitor-General, but the law has not been amended. Some few members have been attending physical meetings while others attend by virtual means. We now have this opportunity to amend the Companies Act to provide for businesses to hold virtual meetings, so that the decisions made are based on the law and not just an advisory. Clauses 18 to 59 which are the bulk of the Bill propose changes to the Insolvency Act of 2015. The first amendment is to allow a floating charge holder to apply to court if they are dissatisfied with the 20 per cent apportionment of the net asset secured under the floating charge to unsecure the creditors. This proposal seeks to allow creditors to seek judicial redress when they are dissatisfied with that apportionment secured under a floating charge The second amendment is to introduce a pre-solvency moratorium in the Act which seeks to give a company redress by allowing it to stage enforcement action proceedings against the company while it considers its options for rescue, whether by a new investment or formulating a restructuring plan. The other provision coming in is to replace the reference of the term “supervisor” with the term “monitor” for better nomenclature and to avoid confusion of terms because at times it is referred to as the supervisor but the job is on monitoring"
}