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{
    "id": 572995,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/572995/?format=api",
    "text_counter": 171,
    "type": "speech",
    "speaker_name": "Hon. Nassir",
    "speaker_title": "",
    "speaker": {
        "id": 2433,
        "legal_name": "Abdulswamad Sheriff Nassir",
        "slug": "abdulswamad-sheriff-nassir"
    },
    "content": "The biggest issue is in Clauses 624 of this Bill which says that a company qualifies as small in relation to its first financial year if the following conditions are satisfied in that year. I want to go to Clause711 which deals with the issue of how to justify a small company as a company that has a turnover of not more than Kshs720 million. The value of its net assets as shown in its balance sheet at the end of the year is not more than Kshs360 million and it does not have more than 50 employees. Probably, we just need to take ourselves back. They are the same laws that were passed in this very House. If you look at the exemption in charging of Value Added Tax (VAT) in the Kenya Revenue Authority (KRA) Act, you will find that it has put a turnover of Kshs5million. We are contradicting ourselves now on the turnover of revenue of Kshs5 million in 12 months. We are contradicting ourselves because we are now talking about Kshs720 million."
}