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{
    "id": 845594,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/845594/?format=api",
    "text_counter": 397,
    "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": "(c) in Part III by inserting the following new definition in proper alphabetical sequence— “money transferred” means money transferred from one account to another account either within a bank or from one bank to another bank or from a person to another person through a money transfer agency or other financial service providers, but does not include— (a) transfer of taxes to or tax refunds from the Kenya Revenue Authority; (b) transfers from the Kenya Revenue Authority’s collection accounts to the Central Bank of Kenya; (c) transfers by or to the National Government, County Governments or Central Bank of Kenya; (d) transfers relating to the purchase and sale of shares and securities on the Nairobi Securities Exchange by banks or financial service providers on behalf of customers; (e) transfers between accounts belonging to the same person; or (f) any other category of money transfer that the Cabinet Secretary may specify through a gazette notice. This proposal had already been justified as the one making Kenya to be uncompetitive. It clarifies that transactions relating to individuals such as if you are transferring your money from one account to another. This tax being proposed under the Robin Hood tax will not apply. If you have transferred money to a broker to buy shares on your behalf, when they are transferring money to the person selling the shares, then it will not apply; you will not be taxed. The justification is very clear that the amount is very little. Out of Kshs500, 000 you transfer, it is only Kshs250 only and it is for the benefit of our own people because universal health care will cover our members of public. Most of you remember that most of the funds drive we are doing are because of health problems. So, Kshs250 for every Kshs500,000 will not significantly impact on your finances. I beg to move."
}