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{
    "id": 326831,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/326831/?format=api",
    "text_counter": 569,
    "type": "speech",
    "speaker_name": "Eng. Gumbo",
    "speaker_title": "",
    "speaker": {
        "id": 24,
        "legal_name": "Nicholas Gumbo",
        "slug": "nicholas-gumbo"
    },
    "content": "Mr. Temporary Deputy Chairman, Sir, while I do not have any objection in totality to the proposal to introduce Capital Gains Tax, you remember that the main reason why people acquire property, especially at individual level, is to gain from the appreciation of the property. I would request the Minister that, much as I do not wish to oppose his proposed amendment and even that of Mr. Ogindo, he safeguards the upcoming Kenyan investors. In a lot of cases, taxation level in this country is not one of the lowest in the world. One of the escape routes that young Kenyans have found themselves in is through acquiring property which appreciates over time, and then they sell it. I think as long as the money remains here, one way or the other, the economy still gains indirectly. My proposal to the Minister is that much as we may approve capital gains tax, I think the regulations for the time being should exempt individuals and concentrate on the corporate. In any case, when somebody buys a house for Kshs1,000,000 and sells it for Kshs1.5 million--- If you concentrate too much on those small time investors and leave out the big time ones, there will be more to gain by targeting the people with money. Let us have a situation in Kenya where we tax those who have big mouths more than those small time investors who are just beginning to entrench themselves on the footpath to economic independence. I hope that the Minister will take that into consideration."
}