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{
    "id": 581924,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/581924/?format=api",
    "text_counter": 129,
    "type": "speech",
    "speaker_name": "Hon. Musyimi",
    "speaker_title": "",
    "speaker": {
        "id": 95,
        "legal_name": "Mutava Musyimi",
        "slug": "mutava-musyimi"
    },
    "content": "My Committee was requested to consider the amendments to the Finance Bill, 2015 and the Excise Duty Bill, 2015 in accordance with Article 114 of the Constitution. My Committee met today this morning, Thursday, 27th of August 2015 and deliberated on these amendments. I note that the Committee of the whole House deliberated and concluded with the Finance Bill, 2015, save for Clauses 5, 43, 46 and New 35A which were recommitted to the House. I will therefore, give an abridged version of the recommendations by my Committee on various amendments by Members since this Statement is coming after the fact. My Committee recommends to this hon House that all amendments by Hon. Patrick Musimba and Hon. Kimani Ichung’wa to the Finance Bill, 2015 should not be entered upon in the Committee of the whole House. The recommendations have adverse effects to the macro- economic framework of the country; so we declined them. Also, the amendments by Hon. Kimani Ichung’wa to the Excise Duty Bill, 2015 should not be entered upon by the Committee of the whole House since they will have adverse impact on both macro-economic framework and revenue target. With respect to amendment to the Finance Bill by Hon. Jakoyo Midiwo, one, amendment that seeks to remove the provision to increase the core capital of banks and mortgage institutions from Kshs1 billion to Kshs5 billion by the end of 2018, and a proposal to insert a new clause to amend the Banking Act, the intention of controlling bank interest rates by placing a ceiling for lending rate and a flow for deposit rate, my Committee was not seized of the matter in time and therefore was not able to deliberate fully upon it. On the second proposal, it is noted that this will require the recommendations of both the National Treasury and the Central Bank of Kenya. Further, my Committee is in receipt of a legislative proposal with a similar amendment to control bank interests and it will be able to address the matter adequately through the Bill. Therefore, the Budget and Appropriations Committee recommends that this amendment be declined until such a time that the Committee, the National Treasury, the Central Bank of Kenya and other stakeholders are consulted. I thank you and I beg to lay this on the Table"
}