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{
    "id": 602773,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/602773/?format=api",
    "text_counter": 713,
    "type": "speech",
    "speaker_name": "Hon. Katoo",
    "speaker_title": "",
    "speaker": {
        "id": 199,
        "legal_name": "Judah Katoo Ole-Metito",
        "slug": "judah-ole-metito"
    },
    "content": "Thank you, Hon. Deputy Speaker. I rise to second this very important Bill as moved by the Leader of the Majority Party. This Bill is for collection and a recovery of tax in an important way. It proposes several mechanisms that will facilitate tax payment, especially by the due day. There have always been delays in remitting tax and this Bill proposes mechanisms to harmonise all tax laws to ensure that there will be efficient and effective collection of tax by the due date. It also proposes a late payment interest for those who pay or remit their taxes late, which is a very simple interest. The Bill says that it will be at a rate equal to one per cent per month. That is very simply calculated, which is a departure from the existing provision which talks of compounding interest. That always complicates matters for many people who do not have economic or mathematical background. Therefore, it proposes a penalty for late submission of tax at a rate of 1 per cent per month. In the case of erroneous overpayment of tax, the Bill proposes a mechanism for refunding the overpaid tax or the tax in error to the taxpayer."
}