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{
    "id": 579117,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/579117/?format=api",
    "text_counter": 198,
    "type": "speech",
    "speaker_name": "Hon. Ng’ongo",
    "speaker_title": "",
    "speaker": {
        "id": 110,
        "legal_name": "John Mbadi Ng'ong'o",
        "slug": "john-mbadi"
    },
    "content": "I want to go to the specifics of the Bill. With regard to the Banking Act, this proposed amendment for increasing the capital base is something this House needs to reject. I am not persuaded by the argument that the problems we face in the financial sector are attributable to low capital. A lot of them are attributable to clear cases of fraud and mismanagement of some banking institutions. I do not see why we you should ask someone for Kshs5 billion in 2018 to start a bank. Up to recently, it was just Kshs0.5 billion and we increased it to Kshs1 billion. How I wish that this House will agree with me that it be retained at this level. On the issue of Value Added Tax (VAT), it is important to amend the VAT Act, and allow exemption and-zero rating of more products that are useful necessaries. My concern is that 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."
}