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{
    "id": 825265,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/825265/?format=api",
    "text_counter": 469,
    "type": "speech",
    "speaker_name": "Kipkelion East, JP",
    "speaker_title": "Hon. Joseph Limo",
    "speaker": {
        "id": 1915,
        "legal_name": "Joseph Kirui Limo",
        "slug": "joseph-kirui-limo"
    },
    "content": "In summary, I wish to explain what Finance Bill touches on. It addresses very important issues. Clause 3 of the Bill touches on dividends which is reduction of income. This Bill is changing the understanding of what dividend is. The current understanding of dividends is that it is a distribution of profit by companies. There are certain situations where certain companies distribute dividends by paying expenses on behalf of the shareholders. This Bill will treat such payments as dividends, even before the dividends are declared. The Bill is also changing the way compensating tax is treated. Currently, compensating tax is paid by companies which are not taxed in the initial stage. There are companies which are not in the bracket of companies which are taxed because they enjoy certain privileges. When they pay dividends, they used to be taxed in a special way. However, the Bill proposes that they will pay a straight tax of 30 per cent which would have been paid by the company, if it was being taxed."
}