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{
    "id": 145655,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/145655/?format=api",
    "text_counter": 275,
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    "content": "(c) allowing investment deduction allowance of 150 per cent for any investor who invests not less than Kshs200 million in any satellite town around the major cities of Nairobi, Mombasa and Kisumu, to encourage and promote investment in the rural areas; and, (d) reduction of Withholding Tax of 15-10 per cent on interest income from long-term bonds of 10 years maturity and above, to encourage investment in long-term bonds. I expect that all the measures that I have mentioned and others contained in the Finance Bill will go a long way in promoting growth of our industries to make them competitive; promoting tourism and the film-making industry for employment; encouraging growth of ICT and infrastructure development; promoting oil and energy exploration and power generation; to encourage growth of the agricultural sector; promoting equity and protecting the poor and vulnerable; and to encourage compliance with the tax laws. Mr. Temporary Deputy Chairman, Sir, as I indicated during my Budget Speech, the Government recognises the many challenges we continue to face in our tax system. To this end, my Ministry has constituted a task force on tax harmonization to review and propose how best to reform our tax system to better serve taxpayers and facilitate achievement of Vision 2030. The task force has already received numerous constructive comments, which we intend to build upon, and based on those representations, together with the international best practices, we plan to submit to this House appropriate tax measures which will enhance efficiency in our tax administration and promote economic growth and development in our country in Financial Year 2010/2011. Mr. Temporary Deputy Chairman, Sir, under Miscellaneous Amendments, I have proposed, amongst others, the following measures:- (a) allowing for branchless banking to enable banks to extend their distribution networks; (b) to increase capital of stocks and investments banks from Kshs5 million to Kshs30 million to Kshs50 million and Kshs250 million, respectively, in order to adequately capitalise them; and, (c) restructuring the shareholding of insurance companies by a single person either directly or indirectly to 25 per cent to improve corporate governance."
}