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{
    "id": 488834,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/488834/?format=api",
    "text_counter": 416,
    "type": "speech",
    "speaker_name": "Hon. (Eng.) Gumbo",
    "speaker_title": "",
    "speaker": {
        "id": 24,
        "legal_name": "Nicholas Gumbo",
        "slug": "nicholas-gumbo"
    },
    "content": "Hon. Temporary Deputy Chairman, I have no problem with imposition of capital gains tax, although you understand that this is an issue which has elicited a lot of debate, particularly with regard to securities, and especially trading at the Nairobi Stock Exchange. There have been a lot of fears. I hope the Chairman of the Committee is listening to me. There have been a bit of fears that by introduction of capital gains tax, you are going to reverse the gains that have been made particularly in the capital markets. I think the imposition of 5 per cent is okay, but we have to be very clear how we are going to value intangible assets; this is where the problem comes in. If you are going to impose capital gains tax and apply it in a subjective manner, then I am afraid that the objective will not be achieved. So, as long as we are going to have an objective mathematical criterion of applying capital gains tax to both tangible and intangible property, I think it is a good idea and I will support it."
}