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{
    "id": 1586073,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1586073/?format=api",
    "text_counter": 480,
    "type": "speech",
    "speaker_name": "Molo, UDA",
    "speaker_title": "Hon. Kuria Kimani",
    "speaker": null,
    "content": " We should begin with the moment a credit entity issues a loan to a debtor. The issuance of that loan is an exempt transaction. If the loanee defaults for any reason, but there exists collateral which was advanced whose transaction was tax exempt. When the creditor disposes of this asset to recover the obligation, that is a taxable transaction. This implies that when creditors initially advanced the payment to the debtor, it was “at a cheaper rate” because it was exempt. When the time comes to recover costs, they are required to pay VAT on that transaction. This complicates their ability to recover the costs of the loan. The obligation to pay for the transaction should rest with the defaulter, not on the financing transaction. Can this be abused? There are very good safeguards of repayment principles, which dictate that the interest should not exceed the principal amount. Even though there is merit in what the Members are raising, this can be addressed administratively by ensuring that the cost does not surpass the value of the particular item to the loanee."
}