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{
    "id": 579097,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/579097/?format=api",
    "text_counter": 178,
    "type": "speech",
    "speaker_name": "Hon. Nyamweya",
    "speaker_title": "",
    "speaker": {
        "id": 391,
        "legal_name": "Manson Oyongo Nyamweya",
        "slug": "manson-nyamweya"
    },
    "content": "will not complete the project. They will be coming every day. You will create another market where people will be going to make money when you think you are helping others. Whoever came up with this, it does not help to do that in all fairness. Somebody may come in with a left-hand vehicle with 3000 cc and get an exemption letter. How sure are you that when he gets that 3000 cc vehicle he will not change the documents? We have seen this happen. We are on the internet. As far as I am concerned, this has to be very clear. Otherwise, we will create another Nyayo Era. This is what is coming out. The other issue is rental income. You will see a beautiful building here in town, but somebody has borrowed money to do that building. He is paying a loan. In most cases, repayment is not equal to the rent collected. How do you then say that this person should pay 10 per cent of that revenue? It is not tenable. It is not practical. So, whoever drafted this had idealistic ideas, that whoever has a building in this town has not borrowed money. That is the only person who can afford to pay that. If you check, all the buildings in town, even if they are old and have been bought from somebody, they are on loans. How do you reason that somebody can pay 10 per cent of their income? It does not make sense. The basic thing here is that from liability you create asset. That is how it is. There is no way you are going to find somebody--- There are very few people in Kenya who have not borrowed money to build houses. Even we here in Parliament have borrowed to build. If you look at the amount that you are paying on the loan for your house, then you rent out your house and somebody tells you that they want to tax you 10 per cent of your rental income, that is what the Bill is saying here. Does it make sense? The issue here is that we are not being practical. We are being very idealistic. I do not know where whoever came up with this rule lives. You must ask people what is happening in real life. People struggle to build. People work hard to get money to build. They strain. After straining they start getting rent and have a loan to pay. That has to be looked into, otherwise, it is not serious. The only thing that I agree with in the Bill is that it has reduced rate on securities to 0.3 per cent. That is fine. It is a good practice to encourage employers to take in young graduates. Under the current situation, it is becoming very difficult for young people to get jobs. The education system does not equip them well. If employers take them in and they get a rebate, this will be one way of creating employment for our young people. The other point is about the minimum wage for banks. What exactly is somebody trying to do here? Do we now have problems in the banking industry? If a decision is made that we want to increase the capital base, it must be informed by what is currently happening in the country. I do not see the financial institutions struggling. Banks are not struggling. Why should somebody sit and say that they want to increase this amount? Whose benefit is it for? That is the problem we are having with Kenya Airways (KQ); it is too big to fall. We must now fund KQ because it is too big for us to let it go. If you increase the money, the banks come together and become too big. If there is a problem, you tell the taxman to come in to help them to remain afloat. For us as a country, the best way to do it is that we should increase the number of small banks, so that if there is one which has a problem, we do not bring in public funds to help it. At the moment, as we look at what is happening, all the banks we have look stable from the records they are giving. They give their reports and financial analyses. They are moving forward. The best thing is to let the amount remain the way it is. 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."
}