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{
    "id": 580693,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/580693/?format=api",
    "text_counter": 575,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "Cap 470 Clause 16 seeks to amend the First Schedule of the Income Tax Act in paragraph 36. Paragraph 36 of the First Schedule deals with income that is exempt. Initially as shown on the Order Paper, when you would sell land up to Kshs30,000, that would be the amount that was exempt from stamp duty. However, over time, our properties have gone up in value and you are less likely to find land worth Kshs30,000. We are proposing to increase the value for exemption purposes from Kshs30,000 to Kshs3 million, so that for any value of land you sell, from Kshs0 to Kshs3 million, you are exempted from stamp duty. All other things are on the Order Paper except the last one which is (b) which states: In paragraph 46 by inserting the following words, “Special Economic Zones Enterprise Developers”. We also seek to extend the exemption to Special Economic Zones Enterprises from payment of dividends. If you are an investor there and you are paid dividends, you are exempted from tax to encourage more investors. The Hon. Leader of the Majority Party may now come in because we have two items which are misplaced there."
}