Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 1124312,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1124312/?format=api",
    "text_counter": 400,
    "type": "speech",
    "speaker_name": "Kisumu East, Independent",
    "speaker_title": "Hon. Shakeel Shabbir",
    "speaker": {
        "id": 140,
        "legal_name": "Ahmed Shakeel Shabbir Ahmed",
        "slug": "shakeel-shabbir"
    },
    "content": " Thank you, Hon. Temporary Deputy Chairman. I want to advise that taxation in respect to trusts is different from taxation of further re- investment accounts. According to the Tax Act, and I am a professional in this matter, trust beneficiaries must pay tax on income rather than donations received and the principal amount. So, this particular amendment is flying in the face of taxation tenets. Not only will it be disputed but the taxman will demand tax on the income of the trust which does not relate to its maintenance or principal amount. So, this particular amendment is out of place and should not be approved because it goes against the face of Kenya Revenue Authority (KRA) and the whole tenets of taxation. By passing this particular clause, you cannot amend the whole Taxation Act. To do this, you need to go to the Taxation Act in respect to this amendment and trust. This is because all trusts whether it is Waqf Trust or any other, must pay income tax on interest earned and not maintenance of the principal amount. So, in as much as I would like it not to be taxed, all other trusts are being taxed in this manner. This particular amendment will be contrary to this and will not be effective and I suggest we drop it."
}