9 May 2017 in National Assembly:
Thank you, Hon. Speaker. I rise to second this Bill. As the Mover has ably put it, it is one of the ways that the Government intends to introduce some taxation measures that are aimed at bringing down the cost of living, especially by lowering the prices of the essential commodities. As it has been said at the beginning of this session, the prices of unga or flour and The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor.
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9 May 2017 in National Assembly:
other necessities have gone up. The measures proposed in this Finance Bill will likely bring down the cost of those commodities, especially in the short term. Clauses 5, 9 and 10 of the Bill deal with those issues. Let me start with Clause 5(b). We have very serious charitable institutions or organizations that are very important in helping this country in terms of dealing with disasters like the one that has happened this morning in the Likoni Channel. We always have the Red Cross and the St. John’s Ambulance coming in aid of Kenyans during such times. Clause 5(b)(i) proposes ...
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9 May 2017 in National Assembly:
We also have the problem of poor storage of grain which results to rejection of maize by millers. This is because poorly stored grained is infested with pests and could also contain aflatoxin. This further reduced the maize that had been harvested. As a short-term measure, it is important for the Government to import maize duty free for milling. The Government should also waive the VAT on flour and release maize in the Strategic Grain Reserve so that millers can enhance their supply in the market. However, as a long-term measure, we need to invest in wide- scale irrigation farming. ...
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9 May 2017 in National Assembly:
Zero-rating of flour and ordinary bread is meant to cushion households from high cost of regular food items. There is also a proposal to zero-rate the taxable goods supplied to the marine fisheries and fish processors. When the Cabinet Secretary (CS) for the National Treasury was presenting the Budget in this House, he talked of the need to stimulate the blue economy. You will realize that Clause 10 proposes to zero-rate fisheries and fishery processors that will help stimulate the blue economy.
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9 May 2017 in National Assembly:
Clauses 37, 38 and 39 of the Bill will enhance good governance, transparency and accountability. They are about the Retirement Benefits Authority (RBA). There is need to approve trustee remuneration as required by law and this will be done every three years. This The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor.
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9 May 2017 in National Assembly:
will help regulate remuneration and streamline governance issues relating to that matter. This will bring some order in the running of the retirees’ money.
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9 May 2017 in National Assembly:
Clause 8 proposes to introduce an additional requirement that the RBA should regulate the practice of trustees. That is because when you let them have a free field, you are bound to get some rogue trustees. This proposal is meant to enhance professionalism of the trustees and protect the interest of the members. Clause 39 proposes to provide a penalty for failure to submit statutory returns and further penalise when the offence continues without further court prosecution for the same offence. This is meant to enhance good governance.
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9 May 2017 in National Assembly:
Clause 12 proposes to introduce a new paragraph regarding the ascertainment of the total incomes for purposes of deducting expenditures incurred. We have relief agencies such as St. John’s Ambulance and the Red Cross which make donations to institutions responsible for the management of national disasters. So, as a means to address challenges of drought and famine, the proposal to deduct the expenditure incurred is hereby presented. I talked about something that will encourage foreign direct investment (FDI) and job creation in this country. There is need to move to motor vehicle assembly. We saw the Peugeot Assembly Line being ...
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9 May 2017 in National Assembly:
Therefore, there is a proposal in Clause 17 to reduce the Corporate Tax from 30 per cent to 15 per cent for the first five years of commencement. It is more like a grace period where you motivate FDI and therefore create jobs.
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9 May 2017 in National Assembly:
Finally, Clause 19 is about curbing corruption cases within the Kenya Revenue Authority (KRA). Under 19(2), there is a proposal to empower the authorized officers to seize, collect and detain evidence and produce it in court or a tribunal. This gives the authorized officers in KRA police powers so that they can arrest and seize property. This is meant to facilitate the KRA officers in their investigation of cases without relying on police officers who often mismanage the cases. However, this should---
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