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{
    "id": 1080101,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1080101/?format=api",
    "text_counter": 250,
    "type": "speech",
    "speaker_name": "Kikuyu, JP",
    "speaker_title": "Hon. Kimani Ichung’wah",
    "speaker": {
        "id": 1835,
        "legal_name": "Anthony Kimani Ichung'Wah",
        "slug": "anthony-kimani-ichungwah"
    },
    "content": " Thank you, Hon. Temporary Deputy Chairman. I was dejected because I had intended to delete the entire clause on Thin Capitalisation. As we have heard from the Chair, basically, the Thin Capitalisation she has talked about is in relation to banks and financial institution that make money from interest income. Even in the midst of this pandemic, it is only banks and financial institutions that are making a lot of money, profits in billions. I had also other amendments, but related to taxation of the interest income. Banks are minting billions from very vulnerable and poor Kenyans. I would have hoped the Chair and her Departmental Committee on Finance and National Planning would agree with me, but now that they have not. I will leave it to fight another day. But we must state clearly that bank owners and owners of capital in this country should not in any way use the powers that they hold in high office, some of them hold high office, to take away from Kenyans their very hard earned incomes. Kenyans are really suffering. Every day, as Members of Parliament, we are confronted by constituents we represent who are suffering under banks that are minting billions and auctioning our people’s property. Therefore, we may be passing legislation here today, but I want to say for the record that this legislation helps capital owners at the expense of consumers, taxpayers and very hard working Kenyans who hustle every day. These Kenyans spend all the money they make from their daily hustles. They convert their hard earned income into income for capital owners, that is, the real capital owners who imagine that they own this country. A day is coming when the capital owners will know they do not own this country. They own it collectively with those who are struggling and hustling in this country. Thank you, Hon. Temporary Deputy Chairman. It is unfortunate that my proposed deletion was under Article 114 of the Constitution. Even as I support the Chair, I have no option now but to support her. I see my good friend John Mbadi getting agitated. In the next Building Bridges Initiative (BBI) proposals, they should propose deletion of Article 114 of the Constitution to some extent."
}