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{
    "id": 846751,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/846751/?format=api",
    "text_counter": 278,
    "type": "speech",
    "speaker_name": "Bomet Central, JP",
    "speaker_title": "Hon. Ronald Tonui",
    "speaker": {
        "id": 1242,
        "legal_name": "Ronald Kiprotich Tonui",
        "slug": "ronald-kiprotich-tonui"
    },
    "content": "We also need to encourage the Government to borrow internationally and not within the country. Competing with members of the public makes the cost of borrowing very high as it raises the bank interest rates. If the Government borrows externally, just like it did through the Eurobonds, it will take care of the cost of borrowing in this country. That is one of the amendments that I oppose. There is also the issue of allocating funds to the Tourism Promotion Fund, which does not even exist. The Tourism Promotion Fund was intended to be created through the regulations. The same regulations have been rejected by the Committee on Delegated Legislation and annulled in this House. In this Bill, we propose to allocate some funds to the Tourism Promotion Fund, which does not exist and which the Committee on Delegated Legislation proposed to be created through an Act of Parliament and not through regulations through the back door. That does not exist. It is well-captured here. We will pass it as a Bill and how it operates will not be awkward because already that one is taken care of. I have heard so many Members congratulate the Departmental Committee on Finance and National Planning for the good work they have done. I have seen in the Report that they propose to make an amendment to adjust the basis for that capping, so that instead of the CBR, we will base it on the Kenya Bankers Reference Rate, which I understand does not even exist. The players in that sector have not made it operational. If we accept the amendment by the Committee, we will be dealing with what does not exist. I wish they withdraw this amendment and leave the banking law as it is. I am happy with the proposal to adjust the Excise Duty. The issue of school buses has been exempted. In the last Parliament, I proposed an amendment to exclude public-school buses. I am happy the amendment in this law specifically excluded public-school buses from the new taxation. I support it 100 per cent. On the issue of retirement benefits, there are some penalties which are being proposed at a rate of 5 per cent for companies which do not remit whatever they deduct from employees’ salaries to the respective retirement benefits institutions. I support the amendment to ensure that we safeguard the benefits of retirees, so that they can earn something which can sustain them. With those remarks, I fully support."
}