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{
    "id": 120333,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/120333/?format=api",
    "text_counter": 266,
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    "speaker_name": "",
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    "speaker": null,
    "content": "Mr. Temporary Deputy Speaker, Sir, as far as the banking industry is concerned, today it is only the banks which are posting extraordinary profits, while wananchi have got nothing to talk about. Something needs to be done about interest rates. The Minister talked about his background, which was in the private sector, where he was selling beer. Before I came here, I was selling sodas; I remember very well that in the last Budget, Excise Duty on sodas was reduced. The argument behind this reduction was that this benefit was going to be passed on to wananchi in terms of lower prices. We have not seen this happening. Year after year, in every Budget, there is always reduction of Excise Duty or Value Added Tax (VAT), the intention being for the ordinary mwananchi to benefit from it. However, this does not happen. It is high time the Ministry of Finance came up with a mechanism to ensure that whenever they make an adjustment in the Budget which is supposed to go to the normal wananchi, that benefit is actually passed on to the ordinary mwananchi. Once we do that, then anytime we do a Budget for the benefit of the ordinary mwananchi, that mwananchi will be benefiting a lot. However, as long as we allow the multinationals, whether they are producing soda, beer or are in the banking industry, to take over this benefit and pass it over to their shareholders who are abroad through transfer prices, then we are not helping this country and our wananchi."
}