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{
    "id": 1511264,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1511264/?format=api",
    "text_counter": 340,
    "type": "speech",
    "speaker_name": "Molo, UDA",
    "speaker_title": "Hon. Kuria Kimani",
    "speaker": null,
    "content": " Hon. Temporary Speaker, this means that every credit provided by any individual will now fall somewhere. If it does not fall under the Microfinance Act, it means the entity is not a microfinance institution. If it does not fall under the Central Bank of Kenya Act, it means it is not a bank. If it does not fall under the SACCO Societies Regulatory Authority Act, it means it is not a SACCO. Therefore, such entities will have to fall under the purview of the CBK. So, today's Talas will have to adhere to the guidelines of the CBK, including making a full disclosure. One of the challenges we have also seen on these Apps that people borrow from is that there is no full disclosure of the cost and the interest. That is why people end up with an interest of up to 1000 per cent. Another point I would like to comment on, which I believe was raised by Hon. Muriu, came up earlier today during the debate on the Tax Procedures (Amendment) Bill. It will also be considered at the Committee of the whole House tomorrow. I want to inform Kenyans, especially avocado, tea, and macadamia farmers, that the proposed Tax Procedures (Amendment) Bill protects them by exempting them from eTims requirements. They will be disadvantaged if they are not exempted, as the manufacturers will not want to buy from them. The Finance Act of 2023 provided that no expenses can be claimed if not generated by eTims. The Committee will be amending further tomorrow to increase the threshold from the Ksh1 million turnover per year provided for in the Bill to Ksh5 million. The reason for that increase is that Ksh5 million is a VAT threshold. So, if you have a turnover of more than Ksh5 million, that is when you get to pay VAT. We are exempting our avocado, macadamia, milk and tea farmers from the requirements of eTims for those with a turnover of less than Ksh5 million. I wanted to ensure I informed my good friend, the Member for Gatanga."
}