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{
    "id": 488839,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/488839/?format=api",
    "text_counter": 421,
    "type": "speech",
    "speaker_name": "Hon. Ng’ongo",
    "speaker_title": "",
    "speaker": {
        "id": 110,
        "legal_name": "John Mbadi Ng'ong'o",
        "slug": "john-mbadi"
    },
    "content": "Thank you, hon. Temporary Deputy Chairman. You know, I think first of all when I listened to contributions, especially by the Member for Mount Elgon, I had a feeling he did not understand what capital gains means. This is because capital gains do not take place until there is an arms length transaction where you are selling either movable or immovable property. So, it is not a question of someone doing a valuation of your property, for example, and saying you have made gains. It will only occur when you are making a transfer under a transaction. However, hon. Temporary Deputy Chairman, you remember I tried last year unsuccessfully to reintroduce this capitals gains tax; I think at the time I was seen as being in the Opposition. Now I am happy that the Jubilee side has realized---Now they have seen the light and have introduced this tax. I am only worried about the percentage, but I can put up with it for the time being. I am only urging the Jubilee Government to be careful, and even take proposals from the Opposition. Now, you see they have lost revenue for a whole one year just because it was introduced by Mbadi."
}