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"id": 365592,
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"content": "Hon. Members, in the Budget for Financial Year 2012/13, the Minister for Finance introduced a tax management system to minimize tendencies for mis-declaration and under-valuation by excisable firms. In line with this, Kenya Revenue Authority (KRA) has rolled out a comprehensive excisable goods management system, which enjoins all players in the supply chain. In order to ensure effective implementation of the system, I have issued a new Gazette Notice “Excisable Goods Management System 2013”, which prescribes procedures and guidelines for its operations. In 2004, the Government introduced an Excise Tax remission on Senator Keg Beer to discourage consumption of illicit and dangerous brews. However, it has been difficult to administratively differentiate between various beer products and Senator Keg, thereby posing a threat to revenue collection. In order to safeguard the original intention of this policy, I have amended the said regulation to reduce the remission by 50 percent, from 100 per cent; and to grant it only in respect of beer made of millet, sorghum and cassava. The Senator Keg will, however, continue to enjoy a remission at this new level on a transitional basis for a period of three years. I expect this measure to stimulate agricultural activity in the regions where these products are grown. This measure will generate additional Kshs6.2 billion to the Exchequer. Hon. Members, taxpayers have been filing their tax disputes to several tax tribunals. This has caused a serious challenge to the appellants. I propose to table before Parliament a Tax Appeals Tribunal Bill, which will establish a single tax appeals body. This measure will improve the dispute resolution framework; instil professionalism and fast-track conclusion of tax cases, in compliance with the Constitution. The Government remains committed to making it less costly to comply with tax laws. In this regard, I will re-table the VAT Bill, which aims at simplifying, modernizing and reducing the cost of compliance. The enactment of the Bill will raise at least additional Kshs10 billion to the Exchequer. On the same token, we have begun the process of developing a new excise bill, which will be simple and modern, and benchmarked to the best international practices. In addition, as outlined by my predecessor, we have initiated a process of reviewing the organization of the Kenya Revenue Authority with a view to refocusing customs services to its primary mandate of trade facilitation and effective border control. Last year, the Minister for Finance directed the KRA to ensure that all landlords, who earn rental incomes, pay their due share of taxes to the Exchequer. For equity and fairness, and in order to ensure that these privileged Kenyans pay taxes, I have once again directed the KRA to leverage on technology and map out all rental property in urban areas and put in place a robust institutional framework for bringing all the landlords into our tax net by December, 2013. In order to support the implementation of the East African Community (EAC) Common Market Protocol, I propose to amend the Insurance Act to open up the ownership of insurance companies and brokerage firms to other citizens of the EAC. In order to encourage our multinational banks to conduct banc assurance and deepen insurance penetrations, I propose to amend the law to remove restrictions of foreign ownership for insurance agents. In order to shield policy holders from the lengthy resolution mechanisms that tend to delay compensation, I propose to amend the law to require the Insurance Regulatory Authority (IRA), while intervening in the management of an insurer, to appoint a competent person familiar with the business of the insurer. In"
}