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{
    "id": 1079469,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1079469/?format=api",
    "text_counter": 167,
    "type": "speech",
    "speaker_name": "Tetu, JP",
    "speaker_title": "Hon. James Gichuhi",
    "speaker": {
        "id": 13490,
        "legal_name": "James Gichuhi Mwangi",
        "slug": "james-gichuhi-mwangi"
    },
    "content": " Thank you, Hon. Temporary Deputy Speaker for giving me this opportunity to contribute to this important Bill. I wish to thank the Chairperson, Hon. Gladys Wanga, for her exemplary presenataion. I am a Member of the Departmental Committee on Finance and National Planning. A lot has been said, specifically the issue of bread and motorcyles. What is before this House is a money Bill as defined in Article 110 of the Constitution. This is where we have proposals to levy new taxes, modify the existing tax structures and continuation of the existing tax structures. In other words, it is all about taxes and Government expenditure. We have the Tax Procedures Act, which is being amended. I want to specifically adress the issue contained in the miscellenious provision of the Bill which amends the Capital Markets Act, Cap 485, specifically Clause 45. Clause 45 of the Bill seeks to delete Section 35(17) of the Act. That particular sub-section says that any proposed transaction shall be suspended upon an appeal to the tribunal, but does not give a specific period within which a dispute will be resolved. The Bill sets a 90-day period comencing on the date of appeal for the Capital Markets Tribunal. We always say that justice delayed is justice denied. I am looking at the principals of equity, delay defeats equity and equity follows the law. Before the Bill came to the Committee, there was no time limit upon which appeals would be heard. This Bill introduces a new sub-section and provides a 90-day period. That means that parties to a dispute have a time limit within which to resolve disputes. For that reason, I support the Bill. Clause 50 of the Bill is on the Kenya Revenue Authority. Several Members have talked about the particular proposal. The amendment seeks to increase the maximum reward to a person who provides information leading to identification of unassessed taxes. The award is to be increased from Kshs100,000 to Kshs500,000 for financial information leading to recovery of Kshs2 million to Kshs5 million. This is a very important amendment because it is going to encourage informants who can volunteer information and get some reward. Clause 49 of the Bill proposes to introduce a prescribed annual fee to be paid by a registered insurer. This will be effective from 1st January 2022. This is a proposal that ensures that there is productivity, growth, competition and investment in the insurance industry. This is not something new. It happens with other bodies like the Law Society of Kenya and medical practitioners. They pay a prescribed annual fee. Once we introduce that specific provision, it will ensure there is growth and more competition in the industry. It will also make sure that only competent players are in the industry. Clause 44 of the Bill proposes to amend the Miscellaneous Fees and Levies Act by inserting a new item that will refer to such other goods the exemption of which the Cabinet Secretary may determine is in public interest, or promote investment and the value of which shall not be less than Kshs5 billion. This will help attract high-value investments in this country. Through that, we are going to generate more revenue and run this country and finance projects. 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."
}