Joseph Kirui Limo

All parliamentary appearances

Entries 1391 to 1400 of 2163.

• 23 Aug 2018 in National Assembly: In summary, I wish to explain what Finance Bill touches on. It addresses very important issues. Clause 3 of the Bill touches on dividends which is reduction of income. This Bill is changing the understanding of what dividend is. The current understanding of dividends is that it is a distribution of profit by companies. There are certain situations where certain companies distribute dividends by paying expenses on behalf of the shareholders. This Bill will treat such payments as dividends, even before the dividends are declared. The Bill is also changing the way compensating tax is treated. Currently, compensating tax is ... view
• 23 Aug 2018 in National Assembly: To try to expand the revenue collection, the Bill proposes to introduce tax on demurrage charges and insurance premiums which currently is not being paid. At the same time, there is turnover tax which is paid by the informal sector. This Bill proposes to abolish that and introduce presumptive tax which will be paid by any business entity or individual who has a turnover of less than Kshs5million. This tax will lessen the complexities of collection of taxes from small businesses. It will be pegged on acquisition of single business permits. This will lessen the long procedures of computing presumptive ... view
• 23 Aug 2018 in National Assembly: On the Big Four Agenda, there is an incentive which is being given to all the manufacturers on electricity cost. They will be allowed another extra 30 per cent deduction on electricity cost. Currently, all manufacturers are allowed 100 per cent deduction on their profit. On top of that, there will be another extra 30 per cent deduction on the cost of electricity. This will encourage manufacturers. view
• 23 Aug 2018 in National Assembly: Clause 8 of the Bill proposes 5 per cent capital gain on properties which are transferred by general insurance companies. They are not taxed currently. This Bill introduces 5 per cent tax on transfer of property by insurance company for general insurance business. To encourage use of solar energy, the Bill proposes an exemption of specialised solar equipment and accessories. It is modified, so that it is limited to the equipment for the development and generation of solar and wind energy. This will encourage investments in solar and wind energy, and development of clean energy in the country. view
• 23 Aug 2018 in National Assembly: To fight counterfeit goods which is a threat to production and development of industries in this country, this Bill proposes to give power to the Kenya Revenue Authority Commissioner General to suspend licences on account of violation of health and safety standards. Any business The electronic version of the Official Hansard Report is for information purposes only. Acertified version of this Report can be obtained from the Hansard Editor. view
• 23 Aug 2018 in National Assembly: entity in this country which will be found to have violated the health and safety standards of any kind will risk their licence being cancelled by the Commissioner General. view
• 23 Aug 2018 in National Assembly: To encourage inflow of foreign currency to the country, there was an amnesty which was given to Kenyans who have various investments outside. They were given an amnesty which ended in June 2018. view
• 23 Aug 2018 in National Assembly: Hon. Temporary Deputy Speaker, the Bill proposes to extend this amnesty for a further one year between 30th June 2018 and 30th June 2019. If this is approved, it will encourage inflow of foreign currency to the country. view
• 23 Aug 2018 in National Assembly: The Bill, aware that the Government is putting in place procedures and systems to ensure that there will be affordable housing in the country, proposes to introduce the housing mortgage business which will encourage and will be linked to the proposed National Housing Fund. To tackle that, there is a proposal to introduce the National Housing Development Fund. The Fund is equivalent to what has been done in other countries. Some of the countries that have been successful are South Africa and Singapore. This proposal elicited a lot of controversy. People asked many questions concerning how they will contribute to ... view
• 23 Aug 2018 in National Assembly: The cost of the housing will be lower because the designing will be done in wholesale. So the public will benefit from economies of scale. Therefore, the fears from the unions were put to rest with the explanation that it is a saving scheme and no one will lose money. You will be refunded upon retirement if you did not benefit. It is just like the National Hospital Insurance Fund (NHIF) but this one is special because you will be refunded in case you do not benefit. view