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{
    "id": 450109,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/450109/?format=api",
    "text_counter": 209,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "Currently tax procedures are contained in each tax law. The current world practice is to have all the procedures that are general and applicable to all the tax laws contained in one law. In order to ensure Kenya is not left behind in tax modernization, I propose to introduce the Tax Procedures Bill that will contain uniform procedures across three tax legislations – Value Added Tax, Excise Duty and Income Tax. The Bill is aimed at making tax administration easier while at the same time reducing the cost of compliance. Hon. Speaker, the newly enacted NSSF Act has created some inconsistencies with the Retirement Benefits Authority (RBA) Act, which is the law regulating the sector. In order to ensure smooth regulation and supervision of the industry, I propose to amend the NSSF Act to restrict the power to prescribe the qualifications of an actuary and making of regulations on payment of benefits to the RBA Act. I also propose to harmonize the period for remittance of contributions from 30 days to 10 days and preparation of fund accounts from six months to three months, in line with the provisions of the RBA Act."
}