Benjamin Kipkirui Langat

All parliamentary appearances

Entries 851 to 860 of 2560.

• 18 Aug 2015 in National Assembly: Hon. Speaker, I beg to move that the Finance Bill be now read a Second Time. First of all, I want to thank my colleagues in the Departmental Committee on Finance, Planning and Trade for the Sittings we have had to discuss the Finance Bill. As the House may recall, this Bill was submitted to Parliament on 11th June 2015 during the occasion of the presentation of the Fiscal Year 2015/2016 highlights of the Annual Estimates. The Bill has a timeline of three months from the date of approval of the Appropriations Bill in which Parliament must approve it. You ... view
• 18 Aug 2015 in National Assembly: also reduce the refunds. We were informed that research has been done and mainly when you do the output and input VAT, what usually remains is around 6 per cent. So, this will be about the net amount that the Government needs to get from VAT payers. The other proposal is previously those who were supposed to get VAT refunds from KRA on zero-rated items could lodge claims at any time after the VAT is paid. But this Bill seeks to restrict that by providing that anyone seeking a refund from KRA must do so within 12 months. This is ... view
• 18 Aug 2015 in National Assembly: Hon. Speaker, he is actually correct. We have finalised the Report. It is only pending for approval. When you read the Standing Order, it does not affect the moving of the Second Reading. The Standing Order has a provision that the Second Reading can proceed before the report is tabled. So, he is correct but I am also saying that it does not affect the moving of the Second Reading. It can proceed pending the tabling of the report, which I will do tomorrow because it is ready. We have just come from stakeholders consultations in Mombasa. My clerk tells ... view
• 18 Aug 2015 in National Assembly: Thank you, Hon. Speaker. I was on zero-rated supplies which have been brought. I was talking of goods on transit and importation of right-hand vehicles by returning residents who have disposed of the left-hand ones. You remember that when the Cabinet Secretary was in the House, he said that there were so many of our people who live in the USA and other countries who have left-hand drive vehicles. They have a problem when they come to Kenya because we do not accept left-hand driven vehicles. It is now proposed in this provision that you are now allowed to sell ... view
• 18 Aug 2015 in National Assembly: I also want to inform Members that the rate I am talking about is just a proposal. We may come up with proposals to reduce or increase the rate. For now, it is proposed that there is a tax of 12 per cent for those earning Kshs10 million and below. If you are earning more, the other provision, which is in the Income Tax Act now, will come into play. This means you get your total income, get your expenses and then you are taxed at 30 per cent of the profit. For the small taxpayers, it will be an ... view
• 18 Aug 2015 in National Assembly: Hon. Speaker, Clause 16 amends the First Schedule of the Income Tax Act in order to grant tax exemption on transfer of land below Kshs3 million. The Income Tax Act used to give tax exemption on transfer of land up to the value of Kshs30,000. I do not think there is land worth Kshs30, 000 in Kenya today. The law provided for a value of Kshs30,000 for exemption. We all live in Kenya and know that the value of land has gone up very much and we need to adjust to the times. This proposal seeks to increase that value ... view
• 18 Aug 2015 in National Assembly: the financial year. Again, this is almost doubling up. In case of the general reinsurance business, it is proposed to be moved to Kshs1 billion from the current Kshs500 million or risk base capital determination or 20 per cent of the net earned premium of the preceding financial year. 3. In case of long-term reinsurance business, it is the high of Kshs500 million or base capital determination or five per cent of liability of business for the financial year. Hon. Speaker, those are for the insurance sector. Again, there are good reasons for that. We need to have our insurance ... view
• 18 Aug 2015 in National Assembly: I am finalising now and I am within my time. You should relax. This is proposed to be increased from Kshs1 billion to Kshs2 billion by 31st December, 2016, move to Kshs3.5 billion by 31st December 2017 and to Kshs5 billion by 31st December 2018. The Road Maintenance Levy Fund is also proposed to be amended, so that some money from it can go to the Road Annuity Fund that is established under the Public Finance Management Act, Section 44. Part of the Road Maintenance Levy, in particular Kshs3 per litre, will go to the Road Annuity Fund. There is ... view
• 18 Aug 2015 in National Assembly: On a point of order, Hon. Deputy Speaker. The Hon. Member reserves his right to oppose. Is he in order to miss the point on things that I had expressly mentioned when I was moving? Unless the Member was temporarily asleep, I said clearly that you will not see anything about Excise Duty because there is a new Bill which is before the House, and which deals with Excise Duty separately. For the Member to come and say that the Bill is scanty when these are things I have explained is not right. He should be alert when Bills are ... view
• 18 Aug 2015 in National Assembly: On a point of information, Hon. Deputy Speaker. view