Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 235141,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/235141/?format=api",
    "text_counter": 284,
    "type": "speech",
    "speaker_name": "Mr. Kimunya",
    "speaker_title": "The Minister for Finance",
    "speaker": {
        "id": 174,
        "legal_name": "Amos Muhinga Kimunya",
        "slug": "amos-kimunya"
    },
    "content": " Mr. Temporary Deputy Chairman, Sir, much as I follow the debate on Capital Gains Tax, I would also like to draw the attention of the House that November 9, 2006 PARLIAMENTARY DEBATES 3569 Clause 25 is not about the rates of Capital Gains Tax. It actually states the following: \"(h) tax upon the Capital Gains of a person charged under Section 3(2)(f) shall be charged at the rates provided for under Paragraph 6 of the Third Schedule.\" The same Clause states the Turnover Tax shall be charged at the resident rate for the tax year. So, Clause 25 is not only on Capital Gains Tax alone; rather, it also refers us to where the rates can be found. If we talked of removing the Capital Gains Tax, then we shall be effectively removing the rates that define it and that falls in another clause different from Clause 25. Mr. Temporary Deputy Chairman, Sir, I would, therefore, wish to ask hon. Members that even as we delete Clause 25, we must remember that we shall not only be affecting Capital Gains Tax, but also the Turnover Tax which will now make the very poor people we are talking of pay more VAT. It is important that I inform the House that Clause 25 has two parts namely (a) and (b). Clause 25 (a) refers to Capital Gains Tax while Clause 25 (b) refers to Turnover Tax. If we delete the two parts, then we shall have effectively done away with the Turnover Tax and VAT, which is actually not the intention of the hon. Member. So, I would rather that we address the issue of Capital Gains Tax as it appears in the subsequent Clause 34. It specifically deals with Capital Gains Tax as opposed to Clause 25 which only states where the rates will be. It does not state categorically that there shall be Capital Gains Tax. All it states is where the rates for Turnover Tax, Capital Gains Tax and so on will be."
}