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{
    "id": 1587581,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1587581/?format=api",
    "text_counter": 663,
    "type": "speech",
    "speaker_name": "Molo, UDA",
    "speaker_title": "Hon. Kuria Kimani",
    "speaker": null,
    "content": " Hon. Temporary Chairman, I totally understand where the Chairman of the Budget and Appropriations Committee is speaking from. But we must desist from using the Finance Bill as just a tool for raising revenue. The Finance Bill should inform policy for our country. For this, our Committee has stood aground on several matters. We have a National Tax Policy that informs that we must have consistent laws and consistent legislation. We granted some of these exemptions in December. Four-five months later, we are taking back what we said. ‘Welcome to our country. Go invest in a company in Siaya or Homa Bay. You will get investment deduction if you invest outside Nairobi and Mombasa.’ Someone took a loan of Ksh10 billion and is setting up a factory in Homa Bay, Siaya or Nakuru. Six months later, you are telling them “No, because we shall lose revenue here, you cannot continue to invest there.’ We must be consistent. There are two ways of collecting revenue. You can extrapolate and say if you delete this, this is how much you lose. It is true. For example, the reintroduction of investment deduction for investment outside Nairobi and Mombasa will desperately lead to consequential foregone taxes that we might have collected. But what is the far-reaching effect? If that company sets up in Nakuru, Siaya, Kisumu, Homa Bay or Samburu, it will employ people who will pay PAYE. We will make a profit. They will also pay corporation tax. We must not be short-sighted in views of looking for numbers at the expense of making our country competitive globally."
}