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Interest capping on land rates/rent
Rank: Member Joined: 6/10/2006 Posts: 201 Location: Nairobi
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I would like to seek clarification on the legality of the city council land rates system that charges monthly interest at 3% on outstanding amounts. The principal of interest capping that was defined in the Finance Bill 2008 states that the interest should not exceed the principal amount on debts.
This brings out the following questions:
1. Is it legal for interest to be compounded monthly on an annual payment?
2. Should the total interest owed exceed the principal amount?
3. Does this mean that the billions owed in outstanding debts on land rate payments to the council are actually over-inflated?
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Rank: Member Joined: 9/21/2006 Posts: 422 Location: Nairobi
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I second you... and maybe the lawyers could also expound on why leasehold propertyholders in nairobi where the lessor is the Government have to pay land rates twice, one to City Coulcil and another to Lands office, GOK.......
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Wazua
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Interest capping on land rates/rent
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