6 Jun 2012 in National Assembly:
Mr. Temporary Deputy Speaker, Sir, I am saying that, that will be in the next three months if everything goes well because this Bill is now ready.
view
6 Jun 2012 in National Assembly:
Mr. Temporary Deputy Speaker, Sir, the committee is already operating. It comprises of staff from the Ministry of Finance, Ministry of Trade and Ministry of Industrialization. It has powers and mandate to co-opt other relevant bodies like the Registrar of Companies and other bodies, which in their view are necessary. However, they are basically staff from the Ministry of Finance, Ministry of Trade, Ministry of Industrialization and the Attorney-General where the Companies Registry falls under.
view
6 Jun 2012 in National Assembly:
Thank you, Mr. Temporary Deputy Speaker, Sir. Again, I thank the hon. Member for that very important question. We need change of attitude. When an investor applies to set up a company, it is us who should be running to him. It is like he is doing us a favour and, therefore, very many obstacles are put in his or her way. For example, to get a licence from the Tea Board of Kenya takes such a long time and the main problem is because they have not indicated. The Bill indicates that if you want to put up a ...
view
6 Jun 2012 in National Assembly:
Mr. Temporary Deputy Speaker, Sir, I could not agree with you more. The main problem is that it has been done on an ad hoc basis. Therefore, the Ministry of Trade would have its own regulations, the Ministry of Finance would have its own, the Ministry of Agriculture would have its own and so forth. It was not clear. It was not co-ordinated and that is why we formed this Business Practice Reform Committee. It is now looking at the various licences required. In the case that Mr. Koech has given, the company was given all the approvals but they ...
view
6 Jun 2012 in National Assembly:
Mr. Speaker, Sir, I beg to reply. (a) I am aware that Kingsway Tyres and Automart Limited PIN No.P000609825C and VAT NO.0021199L owes tax arrears for Income Tax and Value Added Tax (VAT) which arose through a KRA audit carried out in the year 2003 and out of which, assessments were raised on account of un-declared income and incorrect expenses. (b)The tax remains uncollected for the following reasons:- (i) Lack of funds in the officially operated bank accounts by Messrs Kingsway Tyres and Automart Limited where taxes would have been recovered from. (ii) Court orders restraining Kenya Revenue Authority (KRA) ...
view
6 Jun 2012 in National Assembly:
Mr. Temporary Deputy Speaker, Sir, in this Business Regulatory Authority (BRA), there is provision for private sector involvement. The committee has basically staff from the three Ministries to come up with this Bill, which they have done. We are now going to table it. In this regulatory authority, there are provisions for three directors from the private sector. Therefore, they are taken care of.
view
6 Jun 2012 in National Assembly:
Mr. Speaker, Sir, I did not give two reasons. I actually gave four reasons why we have been unable to collect the amount. On the court case, yes, I agree that the previous commissioner in charge of legal services was able to navigate this case and actually won it in favour of KRA, and that was why the KRA was then able to levy distress on the company. What the hon. Member is saying is actually what we are suspecting, that there may have been collusion; but you are aware that in law these two companies are separate entities. That ...
view
6 Jun 2012 in National Assembly:
Mr. Speaker, Sir, I would be one of the happiest people to collect taxes from these two companies, but the fact of the matter is that the properties we have identified are not in the names of the new company. There is an intervening company. However, it was previously owned by the previous company and transferred to another company, but not the Kenya Tyres Limited. We are now trying to connect the two to say that this was not a genuine transfer. That is what we are trying to do. For the one we have identified, a charge has already ...
view
6 Jun 2012 in National Assembly:
Mr. Speaker, Sir, we have actually addressed ourselves to the issue of lifting the corporate veil, and that is why we have embarked on this very tedious and laborious action of trying to trace whatever property may have been of the previous company. I said that we have discovered two properties that were previously in their name, but they are now in the name of the transferee. After lifting the corporate veil we are saying that this transfer may not have been genuine, and we are going to sell these two properties. So, we have addressed ourselves to this issue. ...
view
6 Jun 2012 in National Assembly:
Mr. Speaker, Sir, there was no formal transfer of assets. We know that they should have put it in newspapers and notified all the creditors. This was not done. As I said, the new company is a fresh registration; there was no formal transfer. This is a fresh registration of a new company. This new company is actually tax compliant. It is paying its taxes on time. We are trying to get the connection between the directors and the shareholders to justify our case that the transfers of those two properties may not have been genuine. Do not forget that ...
view