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{
    "id": 736639,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/736639/?format=api",
    "text_counter": 272,
    "type": "speech",
    "speaker_name": "Hon. Aden",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "Thank you, Hon. Temporary Deputy Speaker for the opportunity to contribute to this very important piece of legislation, the Finance Bill 2017. From the outset, this is a Bill that gives us the opportunity to address issues of serious concern from a legal point of view. I am glad this Bill proposes a number of valuable changes to the existing laws. It also brings in new ones which will go a long way in making sure that Kenyans have good governance in terms of financial laws. Let us consider Clause 9 of the Bill. Kenyans are facing a serious challenge because of the prolonged drought. We are experiencing a high inflation rate in the country and commonly used goods and foodstuff are very expensive. For example, ugali, from maize flour, has now become luxurious food. When a country’s staple food becomes unaffordable to the ordinary person, then inflation is at its highest. Recently, Kenyans spoke to the media and said that they would rather eat rice and pasta because that is what they can afford. Unfortunately, rice and pasta are not the strength of Kenyans. These are products that are largely imported. It means our economy has gone down. Kenyans are unable to afford maize flour yet it is their staple food. This section addresses the issue of taxation of wheat flour. It is high time the Government amended this law in order to reduce the price of foodstuff. It also needs to ensure that millers and traders in that industry respond to the new laws. You will be very surprised that after you zero- rate some of these commodities, only one or two shillings would have been reduced from, say, the price of a kilo of maize. That is a joke. However, you will find millers making all manner of excuses with regard to the cost of production. They state that the cost of production is very high. This Bill is all round. The Government should come up with a task force that would look into the issue of the maximum price to be charged on foodstuff. I am not saying price controls should be introduced but, indeed, the Government must monitor prices to ensure that millers reduce the price of maize flour. That way, the lives of Kenyans will hopefully improve and they will be happier people than they are currently. Clause 6 of this Bill is on VAT. It addresses important issues with regard to Islamic finance. Being a Muslim, I know that we have had serious challenges when it comes to our ability to invest. An ordinary Muslim will not have the privilege to use fixed deposits to earn interest because the same is not allowed. In many cases, we have been forced to use conventional means. That is why you find a lot of money owned by the Muslim community sitting in non- conventional banking sectors. The Hawalas invest in what will give them returns that are acceptable to Islamic faith. Now for the first time, Muslims will participate in the bond market and will invest their money either in the long-term or the short-term because the same has been covered by the law and in a manner that is compliant to Islamic law. This is under a product called Sukuk . This is a progressive piece of legislation and will make many Muslims happy. It includes the issue of The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}