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{
    "id": 910342,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/910342/?format=api",
    "text_counter": 310,
    "type": "speech",
    "speaker_name": "Mr. Henry Rotich",
    "speaker_title": "The Cabinet Secretary for the National Treasury",
    "speaker": {
        "id": 13142,
        "legal_name": "Henry Rotich",
        "slug": "henry-rotich"
    },
    "content": "After four years of implementation, there is need to review the Capital Gains Tax legislation in order to enhance equity and fairness as well as harmonise the rate which other jurisdictions, including the East Africa Community (EAC) region, where the rate ranges from 20 per cent to 30 per cent. Consequently, I propose to increase the rate of Capital Gains Tax from 5 per cent to 12.5 per cent. Further, in order to allow for seamless restructuring of corporate entities, I propose to exempt from the Capital Gains Tax the transfer of property that is necessitated by restructuring of corporate entities. This measure will allow corporate entities to restructure their operations for efficiency and market penetration."
}