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{
    "id": 326825,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/326825/?format=api",
    "text_counter": 563,
    "type": "speech",
    "speaker_name": "Mr. Githae",
    "speaker_title": "58 Thursday, 4th October, 2012 (P) The Minister for Finance",
    "speaker": {
        "id": 159,
        "legal_name": "Robinson Njeru Githae",
        "slug": "robinson-githae"
    },
    "content": " Mr. Temporary Deputy Chairman, Sir, the difference between my amendment and that of hon. Ogindo is that hon. Ogindo’s amendment seeks to impose Capital Gains Tax on all shares, land and transfers. In my amendment, I am seeking to only restrict it for now to mining companies and mineral companies because, recently, mining companies got prospective licences on payment of minimum amounts of Kshs3,000 or Kshs10,000. However, when they discover oil, they sell their shares to other companies. It has happened. When they do so, the Government does not get any revenue at all. So, in my amendment, I am only restricting for now to oil companies, mining companies and mineral prospecting companies. Mr. Temporary Deputy Speaker, Sir, we are also working on how we can extend the Capital Gain Tax but that study is not yet over. We have realised that some of our neighbouring countries exempt tax on the first house. People are encouraged to own houses. Other countries give a grace period, so that if you retain your house for, say, four or five years, you do not pay Capital Gain Tax. So, we are doing a study on these aspects. I would really plead with my friend and colleague to withdraw his amendment, when the time comes, to enable us do a proper study on the consequences and how we can proceed from there. With those remarks, I beg to move."
}