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{
    "id": 1079744,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1079744/?format=api",
    "text_counter": 202,
    "type": "speech",
    "speaker_name": "Garissa Township, JP",
    "speaker_title": "Hon. Aden Duale",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": " Thank you, Hon. Speaker. I support the Finance Bill, 2021. This is consistent with the court ruling. I am sure Hon. Mbadi, Hon. Kimunya and many who were in this House will agree with me that the Finance Bill used to be debated and approved in September. A court ruling changed the processing of the Finance Bill by the National Assembly. In line with the Public Finance Management Act Section 39(a), the submission, consideration and passage of this Bill and assent to by His Excellency the President must be concluded by 30th June 2021. This is a good move because it allows the CS for the National Treasury and the Kenya Revenue Authority (KRA) to implement various tax measures on 1st July, at the beginning of the Financial Year 2021/2022. The Finance Bill is trying to amend a number of pieces of legislation currently existing on VAT, excise duty, the Tax Procedures Act and miscellaneous levies and taxes. It touches on the Capital Markets Authority. If you allow me, tomorrow, I will have my say on the Capital Markets Authority as a regulator. They are the eyes and ears of investors. They are supposed to create, maintain and regulate capital markets in line with Section 11(1) (d) of the Capital Markets Act. Any investor who issues securities which are traded under their supervision must be fair. Tomorrow, I will ask the House, through you, to discuss the matter of Kenyan investors losing money under the watch of the regulator. Let me look at the summary. My colleague, the Chairperson, has spoken about the infrastructure bond. Clause 2 of the Bill re-defines infrastructure Bond. This amendment aims at clarifying that only interest on income from infrastructure bonds for the maturity of a certain period, and it says three years, will be exempted from income tax. This is an important aspect in financing our infrastructure facilities, whether they are in health, water, roads and energy."
}