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{
    "id": 1512381,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1512381/?format=api",
    "text_counter": 752,
    "type": "speech",
    "speaker_name": "Molo, UDA",
    "speaker_title": "Hon. Kuria Kimani",
    "speaker": null,
    "content": "The amendment seeks to do three things. First, it will remove the exemption from income tax of a registered family trust. The amendment will achieve the objective of raising revenue for the country and retaining the exemption from tax of capital gains relating to the transfer of any title of removable property to a family trust. Second, it shall also protect and encourage the establishment of family trusts, which are considered a succession tool and vehicle. Third, it shall retain the provision on bonds, which are exempted from income tax, which will encourage investment in Kenya, especially in green bonds, which promote protection of the environment. That is why we are deleting the proposed withholding tax on infrastructure bonds. We are also deleting the proposed tax on transfer of assets to a trust fund, but also ensuring that where that trust fund is an established business, the income will be subjected to taxation, but not the transfer of assets from either a company or an individual to a family trust."
}