25 Sep 2019 in National Assembly:
Amendment of 7A. Section 16 of the Income Tax Act is amended in subsection (2) by section 16 of Cap. 470. deleting the proviso to paragraph (j) and substituting therefor the following new proviso—
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25 Sep 2019 in National Assembly:
Provided that this paragraph—
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25 Sep 2019 in National Assembly:
(i) shall apply to loans advanced to the company by a non- resident associate of the non-resident company controlling the resident company; and
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25 Sep 2019 in National Assembly:
(ii) shall not apply to a company implementing a project 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.
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25 Sep 2019 in National Assembly:
under an affordable housing scheme upon recommendation by the Cabinet Secretary responsible for housing.
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25 Sep 2019 in National Assembly:
This amendment is on affordable housing scheme which intends to allow investors under the affordable housing scheme to be exempted from provisions of paragraph (j) which restricts the amount of borrowing against revenue reserves which is popularly known as thin capitalisation. It means that when investors are allowed to invest in this affordable housing scheme, they will be excluded from the restriction of borrowing beyond a certain limit on their capital because of the heavy investment which is expected under this scheme.
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25 Sep 2019 in National Assembly:
On a point of order, Hon. Temporary Deputy Chairlady.
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25 Sep 2019 in National Assembly:
Hon. Temporary Deputy Chairlady, I rise under Standing Order No.133(5) which the Speaker ruled on. The Speaker had ruled that the only amendments to be allowed are those by the Chair of the Departmental Committee on Finance and National Planning and those by the Leader of the Majority Party. That is what is indicated here very clearly.
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25 Sep 2019 in National Assembly:
Before I move the amendment, I want to be on record that when the Speaker made a Communication, most of the Members were engaged in loud consultations and so the ruling on Hon. Moses Kuria’s proposed amendment skipped my ear. So, I have confirmed that it was allowed.
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25 Sep 2019 in National Assembly:
Hon. Temporary Deputy Chairlady, I beg to move:
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