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{
    "id": 1346441,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1346441/?format=api",
    "text_counter": 333,
    "type": "speech",
    "speaker_name": "Molo, UDA",
    "speaker_title": "Hon. Kuria Kimani",
    "speaker": null,
    "content": "The policy will also ensure that the granting of income tax incentive or exemption is only targeted to manufacturing investments. The same is sustained for not less than five years to allow the growth of these sectors and created certainty in the business environment. This is where we have not been doing very well. We come up with tax incentives, whether it is in investment deductions or other tax incentives we give to manufacturers only for us to change them one or two years later. Setting up a manufacturing plant is capital intensive. The issue is not just the capital, but even the time element. Some manufacturing plants take up to five years to set up. If someone comes to the country and takes about a whole five years to set up a plant hoping to benefit from a particular tax incentive only for you to change those incentives along the way, you are definitely going to lose that investor. The policy recommends that tax incentives should only be for manufacturers. The policy provides that such tax incentives shall not be changed for a period of five years to ensure that we give manufacturers enough time to get a return on investment and promote Kenya as an investment destination of choice."
}