Lack of legislation is the only hurdle in the taxman’s plan to re-introduce the capital gains tax, almost three decades after it was abolished. The Kenya Revenue Authority has said it in no uncertain terms that re-introduction of the tax – which affects the real estate sector and the stock market directly – is not a matter of ‘if’ but ‘when’. But unlike where the tax category is introduced to prevent markets from overheating out of speculation, the main objective in this case is to widen the tax base as KRA is faced with higher revenue targets...
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