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{
    "id": 145691,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/145691/?format=api",
    "text_counter": 311,
    "type": "speech",
    "speaker_name": "Mr. Ogindo",
    "speaker_title": "",
    "speaker": {
        "id": 120,
        "legal_name": "Martin Otieno Ogindo",
        "slug": "martin-ogindo"
    },
    "content": "Thank you, Mr. Temporary Deputy Chairman, Sir for this opportunity to make a few comments on tax proposals. I want to start by commending the Deputy Prime Minister and Minister for Finance for a job well done. This is quite unprecedented. Every time we have had Budgets, we have had tax increases. What we are seeing today are tax reductions. This is an indication that the Deputy Prime Minister and Minister for Finance quite accurately appreciates how saturated our tax levels are. The revenue in taxation is not necessarily brought by the size of the tax but more importantly, in the volume of business. The measures taken are meant to provoke business so that we tap the volume of business. I am particularly encouraged by the reduction on the tax charged on the interest on long-term bonds. That is very encouraging because if we are to raise funds at the minimum risks of subjecting this country to inflationary tendencies, then the bonds is the way to go. That is very encouraging. The second issue is the desire of the Deputy Prime Minister and Minister for Finance to promote the cotton sector. I find it slightly contradictory that the Deputy Prime Minister and Minister for Finance has zero-rated the Import Duty on synthetic yarn as much as he has also zero-rated the VAT on cotton products. This is counter- productive because cotton is facing competition from synthetic yarn. If we reduce tax on both directions, then the impact and the goal is lost. The other issue is about the Sugar Development Levy (SDL). I pointed out yesterday that ---"
}