{"id":579130,"url":"http://info.mzalendo.com/api/v0.1/hansard/entries/579130/?format=json","text_counter":211,"type":"speech","speaker_name":"Hon. (Eng.) Gumbo","speaker_title":"","speaker":{"id":24,"legal_name":"Nicholas Gumbo","slug":"nicholas-gumbo"},"content":"Thank you, Hon. Deputy Speaker, for giving me the opportunity to contribute to the Finance Bill, 2015. If you look at the history of parliaments, they exist primarily to justify the fact that no country can exist without tax. In fact, the history of parliament came from the fact that people rose and said that they cannot be taxed without representation. To that extent, it is a bit of a disappointment that we are discussing this important Bill and the House is almost empty. But I guess many of our colleagues, in one way or the other, will find time to contribute to this Bill at the Third Reading. I know that proposals were made here last year and even this last year on issues to do with the Capital Gains Tax. I am neither a capitalist nor a socialist but this whole thing of the Capital Gains Tax, in the final analysis, if one looks at what the measures that were taken last have done particularly to the stock exchange, I would want to believe that it is one area where we must seriously consider the status quo . It has been claimed that a lot of the capital flight especially from foreign investors at our Securities Exchange happened on account of the Capital Gains Tax. This happened particularly with regards to the lacuna on the implementation of the Capital Gains Tax. But be as it may, I had argued before and I am arguing again that this country must find more innovative ways to tax its people without getting into issues like Capital Gains Tax. I would like to believe that the incentives from a Capital Gains Tax free investment regime are much more than the imposition of the Capital Gains Tax. I know many of my colleagues want to contribute, so, I will just go quickly. I notice that Clause 13 of this Bill has included new sub-clause 39(b) where any employer who engages at least 10 university graduates as apprentices for a period of six to 12 months during any year of income shall be eligible for tax rebate in a year subsequent to the year. I want to believe that the purpose of this is to try and address the question of the youth bulge. Good as it may be, we are limiting ourselves to thinking that the problem of the youth bulge is only with university graduates."}