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{
    "id": 1585882,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1585882/?format=api",
    "text_counter": 289,
    "type": "speech",
    "speaker_name": "Molo, UDA",
    "speaker_title": "Hon. Kuria Kimani",
    "speaker": null,
    "content": "Hon. Temporary Chairman, the clause has three very consequential amendments. First, Clause 28 initially sought to delete tax incentives that granted a preferential tax rate to companies constructing 100 or more residential units. We found this proposal to be inconsistent with the Government’s Affordable Housing Agenda. While the Government is directly providing affordable housing, we must also incentivise the private sector to do the same. Therefore, we are proposing the deletion of that clause, so as to continue granting preferential tax treatment to institutions building at least 100 units of affordable housing. Second, this clause proposes to reinstate tax incentives for the local assembly of motor vehicles. I look forward to a time when you and I, Hon. Temporary Chairman, can drive locally assembled cars. These incentives were previously withdrawn which disadvantaged the sector. Restoring them will help revitalise local vehicle assembly. Third, the amendment seeks to reduce the tax to 5 per cent of withdrawals made by punters and more importantly, to adjust the digital asset tax framework. Under the current law, tax is imposed on the full transaction value of digital assets, such as when using bitcoin to pay for goods or services. This is equivalent to taxing someone for depositing money in a bank. We are amending this so that tax is charged on the fees charged by digital asset service providers, not the entire transaction value. This is a much fairer approach. This is timely, especially since next week we expect to table a report and move amendments to the Digital Assets Regulatory Bill. I beg to move."
}