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{
    "id": 951881,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/951881/?format=api",
    "text_counter": 197,
    "type": "speech",
    "speaker_name": "Funyula, ODM",
    "speaker_title": "Hon. (Dr.) Wilberforce Oundo",
    "speaker": {
        "id": 13331,
        "legal_name": "Wilberforce Ojiambo Oundo",
        "slug": "wilberforce-ojiambo-oundo-2"
    },
    "content": " Thank you, Hon. Temporary Deputy Chairlady. I stand to support the proposed amendment by the Chair of the Departmental Committee on Finance and National Planning. I say so on two accounts. While it might be desirable to increase the Capital Gains Tax from 5 per cent to 12 per cent, this is at the wrong time. The real estate market, especially the housing market, is doing so badly such that increasing taxes will reduce housing absorption and purchase. Secondly, in a country where we do not account for the inflation index, by increasing the rate of Capital Gains Tax from 5 per cent to 12 per cent and including 8 per cent inflation, you are essentially taxing at 20 per cent Capital Gains Tax. There could be a better way of raising revenue rather than driving the real estate market into the ground. I support the amendment."
}