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{
    "id": 450104,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/450104/?format=api",
    "text_counter": 204,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "As hon. Members are aware, there is heightened interest in the oil, gas and mineral exploration in our country. In order to safeguard the fiscal challenges often associated with the discovery of such natural resources, the Government has initiated various institutional and legal reforms for the extractive industry sector. In order to streamline industry’s tax regime, I have proposed to replace the current Withholding Tax with Income Tax on assignment of rights, (farmouts) based on net gain in line with international best practice. This will address the inherent challenges and promote mining, gas as well as oil exploration and extraction operations."
}