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{
    "id": 576926,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/576926/?format=api",
    "text_counter": 489,
    "type": "speech",
    "speaker_name": "Hon. Chepkong’a",
    "speaker_title": "",
    "speaker": {
        "id": 1154,
        "legal_name": "Samuel Kiprono Chepkonga",
        "slug": "samuel-kiprono-chepkonga"
    },
    "content": "Hon. Temporary Deputy Chairlady, I beg to move:- THAT, Clause 624 of the Bill be amended in sub-clause (3) — (a) in paragraph (a) by deleting the words “seven hundred and twenty” and substituting therefor the word “fifty”; (b) in paragraph (b) by deleting the words “three hundred and sixty” and substituting therefor the word “twenty”. Hon. Temporary Deputy Chairlady, the threshold of small companies of a turnover of not more seven hundred and twenty million and the value of its net assets of not more than three and sixty million are excessive and restrictive to business. Therefore, its reduction will promote business particularly for small companies. As you may be aware, this was a consensus of a retreat we had in Mombasa between the Institute of Certified Public Secretaries and Institute of Certified Public Accountants that was represented by a number of persons. When this proposal came, it was felt that the Kshs720 million was rather too high and many companies will be locked out. Most members of the Institute of Certified Public Secretaries of Kenya (ICPSK) are company secretaries that offer services to companies with a share capital of less than Kshs5 million. We found that putting the threshold too high will be unacceptable. After negotiations held in Mombasa between the ICPSK and the Institute of Certified Public Accountants of Kenya (ICPAK), it was agreed that the threshold be reduced so that it is neither too high nor too low as to exempt all companies from procedural requirements of filling relevant financial documents. Even as we consider Hon. Nassir’s proposal, it is important to consider the other requirements. It is not only on monetary terms; but there is another obligation placed on those companies that have certain thresholds. If you reduce the threshold to be too low, you will be exempting them from filling certain documents with the Registrar of Companies. Therefore, as we consider this The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}