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{
    "id": 576931,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/576931/?format=api",
    "text_counter": 494,
    "type": "speech",
    "speaker_name": "Hon. Nassir",
    "speaker_title": "",
    "speaker": {
        "id": 2433,
        "legal_name": "Abdulswamad Sheriff Nassir",
        "slug": "abdulswamad-sheriff-nassir"
    },
    "content": "Hon. Temporary Deputy Chairlady, I am planning to do that. The Chair of the Departmental Committee mentioned the institutions that were represented. All of them represent multi-national companies that are dealing with multi-million shillings. Of course, they will be comfortable with Kshs50 million. The issue here is the definition of “small company”. Initially, the Committee had started it off at Kshs720 million and now it has gone down to Kshs50 million. That is what defines a small company - the assets of the company from Kshs360 million to Kshs20 million. There are proposals I had given and I have already put them in my amendments. I would wish that my colleagues reject the amendment by the Chair of the Departmental Committee and accept the proposals I have put up. I have defined a small company in the following words: First, it should have a turnover of Kshs5 million. The reason being that the Kenya Revenue Authority (KRA) allows that if you do not meet the threshold of a turnover of Kshs5 million, you are not subject to charge people VAT. You are considered a small enterprise by KRA by virtue of your turnover being Kshs5 million. Secondly, that a Kshs50 million company annual turnover is considered a medium sized company in Kenya today. It is not a small-sized company. It goes well with a company that has assets of Kshs20 million being considered a medium-sized company. How will this assist both companies? First, it will assist in the sense that a company that has presented its audited report to KRA is less likely to be told by KRA, that it has not done its reports properly and in depth. It is much easier for a company that has an annual turnover of Kshs300 or 400 million. It will become easier for scrupulous individuals to divide themselves up and form six different portions. They will break themselves into portions so that they do not meet that threshold of an annual turnover of Kshs50 million. In that way, this country really stands to lose huge amounts of money as taxes. I would request my colleagues to reject the amendments by the Committee. 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."
}