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{
    "id": 846797,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/846797/?format=api",
    "text_counter": 324,
    "type": "speech",
    "speaker_name": "Yatta, Independent",
    "speaker_title": "Hon. Charles Kilonzo",
    "speaker": {
        "id": 46,
        "legal_name": "Charles Mutavi Kilonzo",
        "slug": "charles-kilonzo"
    },
    "content": "of living, namely, the cost of bread and grain. Look at the laws we want to pass. We have introduced VAT on everything, including agricultural inputs and fuel. If this House is not very careful, we are going to be held accountable. The problem with revolutions is that the biggest casualty is the leadership of the nation. Another reason we should not support any clause suggesting we need increased taxes is the problem of corruption. The more money we collect, the more money is being stolen. So, why should this House accept any increase in taxation? This House should take a position that before we pass any clause to increase taxes, we need to get proof that the Government has been able to contain the problem of corruption. I want to talk about interest rates. We have banks that because of greed - I do not have a better word to describe them and I do not have any kind words for them - behave as if they come from Mars. All they want is profit after profit. When interest capping was introduced, it was received well by Kenyans. This House represents Kenyans. Our interest should be for the common people and not for the banks. It is unfortunate that the CBK has betrayed Kenyans. And we need to revisit it. I remember when the current Governor was being vetted, certain issues were asked. If you are not a family man, are you really in touch with the lives of Kenyans? The CBK has betrayed Kenyans and we shall revisit it. But on interest rates, for banks to say that it is the cause of reduced growth in the private sector is misleading Kenyans. There are other factors. Prolonged election is a very good example. Elections took too long, especially the presidential election. There was the issue of drought and many other factors. It is a fact that banks made a lot of money since interest capping was introduced. They have been making more money and their profits have been increasing. The period under review since interest capping was introduced is only two years. Why are the banks making noise? They should say this review should be done after five years and then we can know whether it works. As I conclude, this Government should be very careful with a body called the IMF. Those of you, who were around during the Kenya National African Union (KANU) era, can remember that we used to have a KANU slogan, ‘ Kanu juu juu juu’ then life became very expensive. Then we had a dream team which came in. People were recruited from the World Bank purporting that they knew everything. When they ran this country for two years, everything went to a standstill. We are making the same mistake listening to the same Bretton Woods institutions. We need to free ourselves from them. If we do not, we are going to go back. My appeal to the President is, please, do not try to do everything within four years. Do what you can do, but on these taxes, the House must take a position. Any provision under this Bill, be it on VAT or Excise Duty, which is going to impact negatively on the cost of living should not be supported."
}