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{
    "id": 1155868,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1155868/?format=api",
    "text_counter": 191,
    "type": "speech",
    "speaker_name": "Amb. Ukur Yatani",
    "speaker_title": "The Cabinet Secretary, National Treasury and Planning",
    "speaker": null,
    "content": "not allowed to deduct such donations from their taxable income. To address this challenge, I propose to amend the Income Tax Act to allow all entities that donate cash to charitable organisations to deduct the donation from their taxable income. Kenya has witnessed significant growth in the use of financial derivatives, including hedging, futures and options. However, there is no provision in the Income Tax Act to charge the gains accruing from financial derivatives to non-residents. To ensure equity and fairness, I propose to amend the Income Tax Act to provide for taxation of gains accruing to non-residents from transactions involving financial derivatives in Kenya. Last year, the Income Tax Act was amended to replace the previous thin capitalisation rule for determining taxable income with a method that restricts interest based on a ratio of earnings before interest, taxes, depreciation and amortisation. In the amendment, microfinance institutions licensed under the Microfinance Act were omitted in the exclusion list of the application of the new rule. In this regard, I propose to amend the Income Tax Act to exclude microfinance institutions licensed under the Microfinance Act from the interest restrictions based on a ratio of earnings before interest, taxes, depreciation and amortisation in determination of their taxable income."
}