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{
    "id": 121272,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/121272/?format=api",
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    "content": "funds are returned to the Treasury at the end of the financial year because the uptake has not been there. Mr. Temporary Deputy Speaker, Sir, hon. Ogindo mentioned one point about advance tax collection and that is an issue that we resolved with the Committee when we met today. It was quite clear that it is not just a question of collecting taxes in advance but rather, to help prevent those individuals who may owe huge sums of money from getting out of the country and causing the country to lose a lot of revenue because they can no longer be traced. With regard to the issues raised by hon. Musila, I concur that, yes, we need to work together to ensure that our economy, adopts low interest regime because it has a great potential to stimulate the economy. We are working together with the banks in the spirit of understanding that we are in a liberalized economy and we cannot legislate on some of those issues. But we are, indeed, working with them to try and iron out some of the issues that may result in the interest rates being reduced for it to be felt directly by borrowers. There are additional issues that hon. Members have raised, especially with regard, not necessarily to tax measures, but with regard to the implementation of the Budget itself. I hope that we will all work together. We need to ensure that we improve our absorption rate at the various Ministries. We all need to work together with the Ministries, this House and, indeed, with all the stakeholders who are the people of this Republic to ensure that we have full implementation. With regard to the issue of the stimulus package, the intention was to ensure that the funds are devolved to the grassroots level in order to involve people at the grassroots level in the affairs of fiscal management. That would help them make decisions and ensure that funds at their local level are utilized in an optimum fashion. Indeed, Members of Parliament will be part of those stimulus committees; we will also have a role of ensuring that they also fulfill their obligation of ensuring that those projects are completed. Lastly, there was an issue raised by hon. Jirongo about certain stalled projects. He made particular reference to the Pan Paper Company. I would like to assure him that as well as dealing with the issues of trying to protect our poor livestock herders and our poor pastoralists who have been hard hit by the last drought, we needed to ensure that we made urgent intervention measures. However, that has not deterred us from ensuring that we have available monies for the revival of Pan Paper Company. The money is already incorporated in the Budget, and, indeed, once the Cabinet has finalized and approved the proposals that are before it, the monies will be released to ensure that the good industry that contributes greatly to our economy is revived. With those few words, I beg to move."
}