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{
    "id": 985522,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/985522/?format=api",
    "text_counter": 888,
    "type": "speech",
    "speaker_name": "Kajiado South, JP",
    "speaker_title": "Hon. Katoo ole Metito",
    "speaker": {
        "id": 13239,
        "legal_name": "Janet Marania Teyiaa",
        "slug": "janet-marania-teyiaa"
    },
    "content": "I support this Motion brought by the Committee on Delegated Legislation on the reduction of VAT from 16 per cent to 14 per cent. I agree with those who have spoken before me that COVID 19 is a global pandemic; therefore, it affects the global economy. But as its effects are felt, there are different scenarios depending on different economies and different responses being put in place by different countries. I appreciate the responses by the Executive, led by His Excellency President Uhuru Kenyatta, which have so far been proposed for the approval of this House. Such mitigation is very important. The need for reduction of VAT from 16 per cent to 14 per cent is because most of the sectors that are going to be affected by this global pandemic are mostly the service sectors especially transport, the hotel industry, wholesale and retail. Mostly they rely on import and export goods that are affected most by the VAT, both domestically generated and those imported. There is also the supply chain, inflation, interest rates and exchange rates because of the global economy. There are issues also to do with trade imbalances. All these are going to affect the service sector. Therefore, there is need to reduce VAT so that the end consumer is safeguarded. I have checked what the Parliamentary Budget Office has suggested that we will lose about Ksh49.5 billion by reducing VAT from 16 per cent to 14 per cent. In this last quarter of the financial year, we can forgo it and maybe when the pandemic is controlled, we look for ways of cushioning the economy and see whether we can recover in a short time. I support the Motion."
}