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{
    "id": 147209,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/147209/?format=api",
    "text_counter": 159,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "Mr. Speaker, Sir, upon registration of taxpayers for VAT purpose, the law allows the taxpayer to claim for relief for tax paid on goods in stock within 30 days. Taxpayers have been complaining that the 30 days are too short. I am proposing, therefore, to extend this period from 30 days to six months. Mr. Speaker, Sir, the administration of VAT refunds has continued to be a challenge and has indeed, caused cash flow problems to our businesses and investors. I am reviewing the refund position to come up with a lasting position. In the meantime, I propose to gazette non-exporters who will qualify for zero-rated supplies to get supplies zero-rated. This measure is expected to greatly assist our horticultural and floricultural exporters in turn, by improving their cash flow positions. Mr. Speaker, Sir, in spite of the progress made in the banking front, many Kenyans remain un-banked due to the limited outreach by deposit taking institutions. One of the ways of reaching this objective is to increase the outreach of the banking sector to the vast under-banked and un-banked Kenyan populace. In this regard, I propose to amend the Banking Act to allow for branchless banking. This will allow banks to extend their footprints through agencies with wide distribution networks. Secondly, the current mandate of Post Bank is rather restrictive and has worked negatively on its profitability, particularly in the face of stiff competition in the banking sector. Post Bank receives over US$100 million on an annual basis through remittances from the diaspora. Unfortunately, due to its restrictive mandate, it cannot trade with these funds. I am therefore, proposing to amend the Kenya Post Office Savings Act to expressly allow Post Bank to transact in foreign exchange business in accordance with the Central Bank of Kenya (CBK) rules and regulations."
}