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{
    "id": 246652,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/246652/?format=api",
    "text_counter": 72,
    "type": "speech",
    "speaker_name": "The Minister for Finance",
    "speaker_title": "",
    "speaker": null,
    "content": "Mr. Speaker, Sir, I now wish to turn to measures to promote agricultural productivity and reduce poverty. Allow me to now move to incentives intended to promote productivity in the agricultural sector and thereby lead to reduction of poverty. Towards this end, I propose to zero- rate tyres for agricultural tractors and semi-trailers for agricultural tractors. These measures will reduce cost to commercial farmers and boost productivity for their welfare. Secondly, the cost of transporting unprocessed agricultural produce has been of a major concern to farmers, agro-based industrial players and exporters. I am, therefore, proposing to zero- rate transportation of unprocessed agricultural and agro-forest produce. Thirdly, in addition to the above measures under the VAT, I am proposing several measures under the Income Tax to support the growth of the agricultural sector as follows. I propose to increase farm-work allowance from 33.3 per cent to 50 per cent. To make our horticultural produce more competitive, I propose to exempt commission payable to non-resident agents for purposes of auctioning horticultural produce abroad from withholding tax. Fourthly, to encourage the growing of avocados and mangos, I propose to declare them permanent and semi-permanent crops so as to enjoy tax advantage as is available to declared crops. Mr. Speaker, Sir, on housing, I propose to offer incentives to many Kenyans to build and own homes through mobilisation of personal savings. Currently, the deposits made into a home June 15, 2006 PARLIAMENTARY DEBATES 1417 ownership savings plan, popularly known as \"HOSP\", by an individual are tax exempt only up to a maximum of Kshs4,000 per month or Kshs48,000 per annum, and for a maximum period of 10 years. I propose to exempt from Income Tax the interest that will be earned on deposits of up to Kshs 3 million by a depositor, who uses these deposits as part of that plan as a first time buyer of a house. Mr. Speaker, Sir, on education, I wish to reiterate that education is of vital importance to our country. To encourage expansion of learning facilities, and improve the transition rate from primary to secondary schools, I propose to exempt from stamp duty all land that is purchased for expansion and development of schools."
}