Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 685218,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/685218/?format=api",
    "text_counter": 68,
    "type": "speech",
    "speaker_name": "Hon. Kubai Iringo",
    "speaker_title": "",
    "speaker": {
        "id": 1574,
        "legal_name": "Cyprian Kubai Iringo",
        "slug": "cyprian-kubai-iringo"
    },
    "content": "Thank you, Hon. Deputy Speaker, for giving me this opportunity to give my comments on this Finance Bill. I stand to support it and confirm that this Bill is timely. It is a Bill which will bring to effect the Financial Year 2016/2017 budgetary proposals and also give the framework under which the Kenya Revenue Authority (KRA) will be collecting taxes. It is also going to give those areas which we need to exempt, add, reduce or to make any other changes. Therefore, it is a very important Bill because it gives the teeth to the budgetary proposals and gives legality to the tax collections and exemptions. Consultations are still going on and, as a Member of that Committee, we are yet to meet other several stakeholders so that they can bring in their proposals and amendments. As my Chairman and Vice-Chairman have already commented, we would like to have these proposals brought early enough so that when we bring the final amendments, we will not have other contentions on the Floor of the House. We will pass it expediently and make it functional. Without belabouring much, this Bill is also going to give effect to the KRA Act of 2014 because, as times go by, things change. Therefore, this Bill is going to assist us to look at the Acts which have been passed before, especially those of 2014, and the amendments which are being corrected. The Capital Markets Act which is now being proposed in this Bill is going to open up the online foreign exchange and give the consumer protection. That is because it has already been aligned with the current Constitution and the budget. This is also going to align with Section 7(2) of the Excise Duty which, once it is done, will put Alcoholic Drinks Control Act into effect. The Bill also looks at the Kenya Deposit Insurance Act which, in the past, we have had problems where some board of directors had conflicting interests. Whereas they were supposed to support or protect some industries, some of the directors happened to be in the companies or organizations which were already subject of investigation. In so doing, there were conflicts of interests and this Bill has tried to resolve that. Finally, the same Bill also seeks to involve the Cabinet Secretary, especially in the Kenya Deposit Insurance Act. Once the Cabinet Secretary is involved, he is put into light on exactly what is happening. Without much ado, the Bill is rightly on the Floor of the House. I propose that all those who need to bring amendments bring them forthwith. Even the stakeholders can do the same so that once we effect this Bill, budget proposals will swim through and the citizens of this country can get the services they require from this Government."
}