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{
    "id": 1590445,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1590445/?format=api",
    "text_counter": 375,
    "type": "speech",
    "speaker_name": "Kikuyu, UDA",
    "speaker_title": "Hon. Kimani Ichung’wah",
    "speaker": null,
    "content": " Hon. Temporary Speaker, I am mentioning these things because they are important and because of the misinformation and disinformation campaign that the Chair alluded to. Kenyans are made to believe that there is nothing in the Finance Bill to benefit them. In conclusion, there are tax incentives that we have put in The Tax Laws (Amendment) Act of 2024, which were declined in the Finance Bill of 2024. Again, because of the campaign of misinformation, Kenyans did not know that these were incentives that were coming to help them create jobs for our young people. For instance, in the 2024 Tax Laws (Amendment) Act, we reduced the rate of Capital Gains Tax (CGT) from 15 per cent to five per cent for firms that are certified by the Nairobi International Financial Centre (NIFC), and further reduced the threshold of investments that qualify for the lower rate from an investment of Ksh5 billion down to Ksh3 billion. This year again, the Committee through the Bill, is proposing that for companies that invest Ksh3 billion in new capital, within the first three years, they will enjoy a reduced Corporate Tax Rate of 15 per cent for the first 10 years, and 20 per cent for the next 10 years. To qualify, these companies must have 70 per cent Kenyans as senior management employees. Additionally, for regional headquarters, 60 per cent of senior management must be Kenyans. This aims at sensitising multinationals and companies that are investing those huge amounts in Kenya to employ Kenyans in senior management. Also, start-ups that are certified by the NIFC will benefit from a lower tax rate of 15 per cent for the first three years, and 20 per cent for the next four years, to support their earlier growth. As I said, this is aimed at supporting the growth of new industry and investments that will create jobs for our young Kenyans, Hon. Speaker. Even as people incite others out there, I thought it was important not to be very technical, but just highlight a few of the very good provisions that are in this Bill, some of which were lost last year because of the misinformation. As I congratulate the young intern, I plead with the management of Parliament, led by the Speaker as the Chairman of the Parliamentary Service Commission (PSC), to consider hiring Mr Allan Kimani permanently as a staff member of Parliament when he graduates from college. It is such genius and innovative young Kenyans who are utilising their intellect for the benefit of Kenyans, and not utilising their time on social media to demonise, disinform, and misinform other Kenyans. The platform and the Quick Response (QR) code that this young man created, as you have heard, enabled Parliament as an institution to engage more meaningfully with Kenyans. Unlike the other lady who was arrested, I cannot remember her name, for creating a platform that was disinforming Kenyans…"
}