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{
    "id": 1257330,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1257330/?format=api",
    "text_counter": 1629,
    "type": "speech",
    "speaker_name": "Molo, UDA",
    "speaker_title": "Hon. Kuria Kimani",
    "speaker": null,
    "content": " Thank you, Hon. Chairlady. Just to give additional information, the proposed withholding tax on digital content monetisation as per the Bill was proposed at 15 per cent. The Committee reduced that from 15 per cent to 5 per cent. Why 5 per cent? All professional fees—whether it is management fees, legal fees, and accounting fees— are charged at a withholding tax of 5 per cent. However, nothing stops these digital content creators from paying tax as per the Income Tax Act. When they are filing their returns at the end of the year, they just need to declare the amount of money withheld as withholding tax. That becomes allowable because it is treated as an advance tax. So, it is 5 per cent to get in line with all management fees. It is like a pre-payment. That is so that, at the end of the year, they can just calculate their income tax as per the tax bands in the Income Tax Act."
}