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{
    "id": 1346843,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1346843/?format=api",
    "text_counter": 361,
    "type": "speech",
    "speaker_name": "Webuye West, UDA",
    "speaker_title": "Hon. Daniel Wanyama",
    "speaker": null,
    "content": " Hon. Temporary Chairlady, I beg to move: THAT, clause 40 of the Bill be amended⎯ (a) by deleting sub-clause (3); (b) in sub-clause (4) by deleting the words “the time specified by the regulatory authority shall be forfeited and paid to the Fund” and substituting therefor the words “five years shall be presumed to be abandoned and shall be surrendered to the Unclaimed Financial Assets Authority.”; and (c) by inserting the following new sub-clause immediately after sub- clause (4) ⎯ “(4A) An operator shall keep and maintain a register of prizes surrendered under subsection (4).” The amendment seeks to, one, eliminate conflict. The provision provides that the prize monies paid under the Act shall not be charged Income Tax. An exemption to Income Tax is best provided for under the Income Tax Act cap 470. The prize monies should be exempted through an amendment to the First Schedule of the Act. Secondly, the amendment seeks to ensure that the Bill complies with the provisions of the Unclaimed Financial Assets Act, No.40 of 2011 with regard to the assets that are presumed to be abandoned. Lastly, the amendment obligates an operator to maintain a register of prizes surrendered to the Unclaimed Financial Assets Authority for purposes of accountability."
}