Kenya has more than doubled the tax rate on gains made from the sale of properties and securities trading off the Nairobi Securities Exchange in a bid to generate more revenue to finance the Ksh2.8 trillion ($28 billion) budget for the 2019/2020 fiscal year.
National Treasury Cabinet Secretary Henry Rotich increased the capital gains tax to 12.5 per cent from five per cent, arguing the move was meant to enhance equity and fairness as well as harmonise the rate with other jurisdictions including East African Community member states where the rate ranges between 20 per cent and 30 per cent
