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{
    "id": 482075,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/482075/?format=api",
    "text_counter": 213,
    "type": "speech",
    "speaker_name": "Hon. Gaichuhie",
    "speaker_title": "",
    "speaker": {
        "id": 17,
        "legal_name": "Nelson Ributhi Gaichuhie",
        "slug": "nelson-gaichuhie"
    },
    "content": "Clause 6 of the Bill subjects natural resource income to Income Tax. It also clarifies that a non-resident person includes both his resident office and all the branch offices within the Republic of Kenya. The Bill also addresses the matter of transfer pricing manipulation. In Clause 12, by proposing an amendment in Section 41 of the Income Tax on special arrangements for tax relief by restricting tax relief on income by multinational companies considering ownership of such companies. The Bill further repeals the Ninth Schedule of the Income Tax on taxation of petroleum companies and replaces the current schedule with a new Ninth Schedule on taxation of extractive industries. This is just to make it in line with the Act that we passed the other day on extractive industries. It also seeks to amend the Competition Act to provide for clarity, to align it with international best practices. Under the miscellaneous amendments, the Bill in Clause 32 provides for Competition Authority of Kenya to operate a leniency programme. The Bill also seeks to amend the National Social Security Fund Act, 2013, to harmonise it with the relevant provisions of the Retirement Benefits Act (No.3 of 1997. Clause 33 also proposes to delete the definition of the word ‘actuary” as used in the NSSF Act, 2013 and replace it with the definition of “actuary” under the Retirement Benefits Authority Act, which is broader and in line with the international recognised actuarial professional bodies definition."
}