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{
    "id": 482453,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/482453/?format=api",
    "text_counter": 253,
    "type": "speech",
    "speaker_name": "Hon. Njenga",
    "speaker_title": "",
    "speaker": {
        "id": 1510,
        "legal_name": "Francis Kigo Njenga",
        "slug": "francis-kigo-njenga"
    },
    "content": "I also realize that it has addressed itself on petroleum business on the contractors. Petroleum is quite a lucrative business in this country especially if researches and explorations are successful. Earlier, the transfer of interests called for Withholding Tax but now this will be amended so that people dealing with petroleum will have to pay taxes on their net gain and should losses occur, they are carried forward to subsequent years for utilization when such firms make profit. This is good. It will make it competitive and in case of huge profits, we shall not lose businessmen. It is very important to know that what we should be looking for are the loopholes in the Income Tax Act as it stands today."
}