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{
    "id": 482076,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/482076/?format=api",
    "text_counter": 214,
    "type": "speech",
    "speaker_name": "Hon. Gaichuhie",
    "speaker_title": "",
    "speaker": {
        "id": 17,
        "legal_name": "Nelson Ributhi Gaichuhie",
        "slug": "nelson-gaichuhie"
    },
    "content": "Hon. Speaker, Clause 34 provides the transfer of Tier II Pension Credit from Pension Fund as well as the Provident Fund to contract out scheme. The key observation here is that, when we were looking at the Bill we could see that, although this Bill is trying to introduce the capital gain on minerals and mining and extractive industries, we remember very well that in the year, 1985, the capital gains on real estate was suspended and the Bill has not addressed that. Therefore, the Committee is planning to bring an amendment on that. We are also looking at the tax measures on Excise Duty to address concerns of the recent loss of lives occasioned by the illicit brews. When the Government had introduced 100 per cent remission on Senator Keg beer during the Finance Bill of 2012/2013, the same was reduced to 50 per cent. This made Senator Keg beer very expensive and people reverted to illicit brews which have actually caused a lot of deaths. We intend to bring an amendment so that we can see if we can revert to the 100 per cent tax remission so that Senator Keg or any other beer can be cheaper for Kenyans to be able to enjoy their drink instead of reverting to illicit brews. The Finance Bill, 2014 is proposing the amendment of the Act. The proposed Ninth Schedule on taxation of extractive industry has several allowable expenditure deductions which included, prospecting expenditure deductions; extraction expenditure deductions, rehabilitation--- That is why we want to align it with Petroleum Act which will also offer those very many tax remissions. We have also noted that when you come to the extractive industry in Kenya; oil and gas industry taxation system in Kenya consists of Corporate Income Tax; Value Added Tax, import duty and royalties. There are so many taxes and we are proposing that the Government should consolidate all these tax laws by formulating an internally 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."
}