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{
    "id": 326828,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/326828/?format=api",
    "text_counter": 566,
    "type": "speech",
    "speaker_name": "Mr. Ogindo",
    "speaker_title": "",
    "speaker": {
        "id": 120,
        "legal_name": "Martin Otieno Ogindo",
        "slug": "martin-ogindo"
    },
    "content": "Mr. Temporary Deputy Chairman, Sir, I have heard the Minister, but allow me to say this, on account of the amendment I have proposed. The Minister is under siege today at Treasury. He needs a lot of money. Any avenue that can give him legal money should be encouraged. My amendment goes beyond his amendment. I think it hurts nothing. A study has already been done on this matter. You will remember that Capital Gain Tax was suspended, first, in 1978. There was an attempt to bring it back as late as 2006. Today, we have seen the industrial unrest in this country. We have a Budget deficit of Kshs186 billion. This is one of the routes with which we can cure these problems. Mr. Temporary Deputy Chairman, Sir, we are the ones lagging behind in this aspect. In the Republic of South Africa, there is Capital Gain Tax of 40 per cent. In Uganda, there is Capital Gain Tax of 30 per cent. In Botswana, it is 25 per cent. In Tanzania, it is 20 per cent. So, I would want to plead with the House. There are Schedules in the Income Tax Act that deal with the kind of exemptions that the Minister has referred to. For posterity, this country can only run on taxes. This is a tax which is not going to hurt anybody. We are taxing capital gains. Hon. Members will appreciate that when the NIC was sold by the Barclays Bank, huge profits were made, but they went untaxed. There is talk of selling Kenol/Kobil. There is going to be a profit of Kshs25 billion, which is going to go scot-free. There was the sale of KenCel Limited and huge profits were made, but they went scot-free. Celtel was sold and the profits went scot-free. Therefore, I want to plead with this House, being aware of the challenges that we are facing as a country. The teachers staged strikes only the other day. Nurses and doctors also staged strikes. Our development programmes are lagging behind."
}