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{
    "id": 482428,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/482428/?format=api",
    "text_counter": 228,
    "type": "speech",
    "speaker_name": "Hon. Ng’ongo",
    "speaker_title": "",
    "speaker": {
        "id": 110,
        "legal_name": "John Mbadi Ng'ong'o",
        "slug": "john-mbadi"
    },
    "content": "they cannot pay tax. If someone who is selling mboga is taxed, why not someone who is selling buildings in Nairobi? I am still not convinced that we have done enough justice to Capital Gains Tax. (iii) I have an issue with transfer pricing. This to me is pleasing. This amendment under Clause 12 is a good one. It seeks to amend Section 41 of the Income Tax Act by trying to eliminate transfer pricing manipulation by foreign-owned multi-nationals where our income tax which allows for exemption or exclusion from tax of incomes derived from Kenya or reduction in Kenya’s tax rate. The Bill proposes that the benefits of exclusion or exemption or reduction for that matter of the rate, will not be enjoyed if the multi-nationals enjoying the benefit has more than 50 per cent of its ownership, or in individuals who are not residents of another country. This has been a big problem over the years. For those of us who are in the accounting profession, we have witnessed a situation where multi-nationals enjoy certain benefits which do not go to the residents of their countries, but to other places."
}