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{
    "id": 1559904,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1559904/?format=api",
    "text_counter": 895,
    "type": "speech",
    "speaker_name": "Funyula, ODM",
    "speaker_title": "Hon. (Dr) Ojiambo Oundo",
    "speaker": null,
    "content": " Thank you, Hon. Deputy Speaker. I support this Bill that seeks to rectify the omission that was occasioned when we passed the Tax Laws (Amendment) Bill. We should have picked this issue out but, sometimes, the process is rushed in this House and some basic things are left out. The Bill proposes to extend tax incentives to investors. In such an arrangement, this amounts to tax expenditures, where a country foregoes revenue with the hope that the investment will result in higher revenue. I have attended many forums on this subject and the truth of the matter is that it does not result in any significant changes. We will only end up enriching manufacturers and leave the country poorer. EPZs have been with us for many years. We have granted them tax incentives and yet, they have not contributed significantly to improving GDP, capital growth or per capita income in this country. Many of us are always apprehensive when these kinds of amendments are brought to the House, especially when there is no study to determine their long-term impact. The tax incentives basically milk and transfer benefits from the people of Kenya to some amorphous institutions that are based outside the country. These incentives should only last for the period that is intended and not go beyond the particular timelines. Tellingly, the incentives are targeted to a certain sector. Many Kenyans know the investors in the steel sector. We must stop passing laws that please certain quarters for their personal gains. At this rate, we will legislate on anything and everything to support certain forms of businesses and forget to look at the multiplier effects of those changes. With those few remarks, I support with obvious reservations. We need to pass the Bill and get moving. The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}