Capital Gains Tax to instil fairness, equity – Rotich

Capital gains tax is a necessary evil if only to instil fairness and equity in the taxation regime, besides roping in more revenues, according to National Treasury Cabinet Secretary Henry Rotich. Rotich yesterday told stockbrokers and the newly listed bourse that the tax – reintroduced after nearly 30 years – cannot be suspended, and implementation challenges will be handled as they come. The tax class targets net gains in sale of real property and marketable securities such as shares and bonds. It has been pegged at five per cent, effective January 1. Brokerage firms, which have argued that...