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{
    "id": 466718,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/466718/?format=api",
    "text_counter": 315,
    "type": "speech",
    "speaker_name": "Hon. A.B. Duale",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "Thank you. Hon. Temporary Deputy Speaker, the Committee Chairman has done very well. On the outset, let me point out the fact that the Finance Bill comes to this House on an annual basis, some 90 days after the passage of the Appropriations Bill by this House. This Bill is of national significance. Again, as you can see, we are just a handful of us. Whichever way it goes, this Bill will affect the lives of our people positively and negatively. So, I hope that hon. Members will take it very seriously. What does the Finance Bill do? It deals with the taxation measures that will help to facilitate the development of infrastructure. How does it help? The Bill provides for 1.5 per cent Rural Levy Fund, which will help the Government to build a standard gauge railway line from the port of Mombasa to Malaba. The first railway line, which is about 100 years old, was built by the Indians. The previous three successive regimes of this country could not think of upgrading it. In order to spur economic growth and attain a double-digit growth, the Jubilee Government felt that we must invest in the building of a standard gauge railway line. It is this Bill that will always look at how to balance, harmonize and create equity and fairness in the administration of the tax system in this country. This particular Bill has been covered under the insurance sector. The main objective of this Bill is to strengthen and consolidate the tax administration of this country. The Finance Bill aims at promoting the growth of the financial sector by looking at the various financial laws and updating them and making sure that--- That is why it is annual so that every year the financial sector wants to live within an emerging legal framework so that they can play their role in a very competitive global financial market. Finally, the objective of the Finance Bill is to strengthen the supervision of the financial system. Here we are talking about the Central Bank of Kenya which is the main supervisor of the financial institutions and systems in this country. In a nutshell, this Bill touches on the Customs and Excise Act, the Income Tax, the Value Added Tax (VAT), the Banking Act, and the East Africa Development Banking Act. The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}