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{
    "id": 685258,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/685258/?format=api",
    "text_counter": 108,
    "type": "speech",
    "speaker_name": "Hon. Katoo",
    "speaker_title": "",
    "speaker": {
        "id": 199,
        "legal_name": "Judah Katoo Ole-Metito",
        "slug": "judah-ole-metito"
    },
    "content": "taxation because service charge or tips go to the employees. However, employees are paying Income Tax. That is a welcome move. Again, in Clause 27, there is an elaborate schedule of proposals that tries to reduce unnecessary administrative work, especially when you look at Clause 27(4) and (5). This clause talks about exempting from VAT, machinery and equipment for use by the Kenya Defence Forces (KDF) and the National Police Service. You are taxing the Government and the money is taken by KRA. That is what I referred to as removing money from one pocket and putting it back through another pocket. It is the same thing. This is just streamlining the issue of unnecessary administrative work since it is the same Government doing it. It is a very good proposal. Almost every Member who has spoken has talked about Clause 42 through to Clause 47. These clauses are about amending the Capital Markets Act. Clause 44 talks about online forex bureaus. Currently, there is no regulatory framework to guide online forex trade. This tries to make regulations to ensure effective and secure online forex trading by Kenyans. However, if you read Clause 45 in detail, you will see that it is about sharing credit information, especially in the SACCO Act and the Microfinance Act. There is a Credit Reference Bureau which encourages sharing of information, so that when you default from one SACCO, another one can detect it very easily. Clause 47 talks about the issue of collapsing banks. Many colleagues have said that it is becoming very punitive, but I think it is good for us to give our banks a stronger base. Clause 50 talks about the Kenya Deposit Insurance Act."
}