Entry Instance

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

{
    "id": 245031,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/245031/?format=api",
    "text_counter": 161,
    "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. Chairman, Sir, I was saying that the farm works allowances have been increased from 33.3 per cent to 50 per cent to promote and encourage farming and agricultural productivity. This will mean that farmers will basically be able to recoup their investment within two years instead of three years. The other measure is the re-introduction of capital gains tax on transfer of property other than for vehicles and marketable securities. This measure is aimed at ensuring that there is equity by taxing incomes that have been derived from capital gains tax on properties and to recognise the societal injection's improvement in infrastructure which raises the value of that property. Mr. Chairman, Sir, we have also introduced the exemption from Stamp Duty on land that is being purchased for expansion and development of schools. This is meant to encourage the expansion of learning facilities and improve the transition rate from primary to secondary schools following the successful introduction of universal free primary education and the need for other facilities in the future. In terms of donations to charitable organisations, we have proposed that, that becomes tax- exempt and also projects that are approved by the Minister for Finance to be made tax-deductible to encourage the spirit of philanthropy and people to donate to these charitable causes. Mr. Chairman, Sir, we have also proposed that we have the contributions to political parties by an individual or enterprise of up to Kshs1 million per annum which will be tax-deductible. Again, this measure is aimed at improving governance and transparency in political party funding. We have also introduced a very simplified final turn-over tax which, at the rate of Kshs150,000 per annum or 3 per cent of turn-over, will make it easier for people whose turn-over is below Kshs5 million to comply with tax. Mr. Chairman, Sir, I have just mentioned but a few of the proposals that are contained within the Customs, Value Added Tax (VAT), Income Tax and other taxes. Hon. Members will have the opportunity to address this and other measures, more specifically when we discuss the Finance Bill. However, as of now, I would be calling upon hon. Members and appeal to them for their co-operation so that we can pull together in a constructive manner to achieve our national development objectives and raise the standards of living of the people by making life easier for them, making commodities affordable for them and the environment through which they pay taxes more conducive. This will ensure that they all contribute together and we build this nation together. Mr. Chairman, Sir, with those few remarks, I beg to move."
}