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{
    "id": 1176069,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1176069/?format=api",
    "text_counter": 75,
    "type": "speech",
    "speaker_name": "His Excellency the President",
    "speaker_title": "",
    "speaker": {
        "id": 168,
        "legal_name": "Uhuru Muigai Kenyatta",
        "slug": "uhuru-kenyatta"
    },
    "content": "Next year, we will bring it further down, so that by the third year, we have a recurrent budget surplus. This we must do because it is the right thing for us to do. On the revenue side, I am committed and determined to ensure that our tax system is responsive to the needs of the economy. It must be equitable, efficient and customer friendly. The economic principle of equitable taxation requires that the tax burden reflects ability to pay. This is best achieved by a hierarchy that taxes wealth, consumption, incomes, and lastly, trade, in that order of preference, so that those who are wealthy and have the capacity to pay should pay more and those at the bottom of the pyramid should pay what is proportional. This is best achieved by our tax regime that is different from our current tax system, which falls way far short of this. We are overtaxing trade and under-taxing wealth. We will be proposing tax measures that begin to move us in the right direction. We will also work with the Kenya Revenue Authority on a culture change to make it a people-friendly and customer-centric organization. I am of the view that we should rename it the Kenya Revenue Service, in line with the proposed transformation. The very large Government borrowing requirements has also undermined the business sector contribution to national savings and investment efforts. These measures outlined above will also address the problem of Government crowding out the private sector from the credit market. It will encourage banks to go back to lending to businesses and bring down interest rates, so that the private sector can also contribute to reducing the savings investment deficit. In many countries, social security and particularly pension systems contribute, significantly to the national savings. Our current social security infrastructure, both"
}