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"id": 1586061,
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"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": " Hon. Temporary Chairman, I beg to move that the new clause 30A be now read a Second Time. This amendment seeks to provide that the Value Added Tax (VAT) payable on disposable or residual security for a debt should be paid by the debtor. For example, if a credit lending entity recovers a security item from you, let us say a motor vehicle, then the sale of that item will be subject to VAT. In this case, the creditor wants to recover the debt they advanced to you. So, we are proposing that the debtor be the one who is eligible to pay for the tax payable for that particular good when it is auctioned or repossessed from the debtor. We are taking the obligation from the creditor to the debtor. Hon. Temporary Chairman, I beg to move."
}