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16% VAT shocker on stocks
Cde Monomotapa
#21 Posted : Wednesday, July 03, 2013 8:53:25 AM
Rank: Chief

Joined: 1/13/2011
Posts: 5,964
Museveni wrote:
Cde Monomotapa wrote:
1.16% times 1.84% = ??


E.g In a stock buy worth 1M,

Transaction fee = 1.84% = 18,400

Proposed tax = 16% of 18,400 = 2,944

Total fees = 21,344


i.e transaction fee % now approx 2.134%


For stock transactions worth 100,000


Transaction fee = 2.1% = 2,100

Proposed tax = 16% of 2,100 = 336

Total fees = 2,436

i.e transaction fee % now approx 2.436%

Good. Now what's there to jump off a cliff for?
dunkang
#22 Posted : Wednesday, July 03, 2013 8:55:45 AM
Rank: Elder

Joined: 6/2/2011
Posts: 4,824
Location: -1.2107, 36.8831
mlennyma wrote:
Ok i sober up, can someone calculate for me the v.a.t for a 1m sale here?

For a million bob sale, add 1.7% commission and (16% of the 1.7% as VAT). That is for the 1M sale, your check will be 980,280.00
Receive with simplicity everything that happens to you.” ― Rashi

Pick n Pay
#23 Posted : Wednesday, July 03, 2013 9:04:14 AM
Rank: New-farer

Joined: 1/29/2013
Posts: 45
Location: South Africa
With all this taxation, it must mean the government is super broke. The budget deficit has been in the news for a while now. If this government is to implement its promises, we will have to pay for all those promises.

If only they were responsible with the little they have. But judging from the recent stories: buying prados, renovating new houses for Kshs 100M, former president asking for Kshs. 700 M etc they may end up misusing all the collected tax.

The only option is to invest offshore. The world bank was suggesting that we weaken our currency to make our exports cheaper. If this goes through, you will have more money when you convert your offshore profits to Kshs.
Greed is fear.
Cde Monomotapa
#24 Posted : Wednesday, July 03, 2013 9:05:23 AM
Rank: Chief

Joined: 1/13/2011
Posts: 5,964
NB: The VAT is on the basic broker charge not along with the other levies we've been paying.
King G
#25 Posted : Wednesday, July 03, 2013 9:29:14 AM
Rank: Elder

Joined: 6/20/2012
Posts: 3,855
Location: Othumo
Cde Monomotapa wrote:
NB: The VAT is on the basic broker charge not along with the other levies we've been paying.


so the vat is even cheaper; vat is on the commission. let them bring it we support the economy and vision 2030.

Tyranny will still be there vat or no vat!!!
Thieves
dunkang
#26 Posted : Wednesday, July 03, 2013 9:43:15 AM
Rank: Elder

Joined: 6/2/2011
Posts: 4,824
Location: -1.2107, 36.8831
King G wrote:
Cde Monomotapa wrote:
NB: The VAT is on the basic broker charge not along with the other levies we've been paying.


so the vat is even cheaper; vat is on the commission. let them bring it we support the economy and vision 2030.

Tyranny will still be there vat or no vat!!!

After teachers strike, next will be health professionals. At that juncture, the stamp duty will be raised to 5/-. Then civil servants will follow, jubilee will pass this to more income tax.
Receive with simplicity everything that happens to you.” ― Rashi

Cde Monomotapa
#27 Posted : Wednesday, July 03, 2013 9:43:53 AM
Rank: Chief

Joined: 1/13/2011
Posts: 5,964
King G wrote:
Cde Monomotapa wrote:
NB: The VAT is on the basic broker charge not along with the other levies we've been paying.


so the vat is even cheaper; vat is on the commission. let them bring it we support the economy and vision 2030.

Tyranny will still be there vat or no vat!!!


Indeed. Politicos come and go but we the people of Kenya remain. Let's contribute to nation building.
The optimist
#28 Posted : Wednesday, July 03, 2013 9:56:07 AM
Rank: Member

Joined: 6/14/2010
Posts: 521
Location: Nairobi
Cde Monomotapa wrote:
1.16% times 1.84% = ??


Thanks for expounding on this tax.smile
mlennyma
#29 Posted : Wednesday, July 03, 2013 9:56:42 AM
Rank: Elder

Joined: 7/21/2010
Posts: 6,194
Location: nairobi
Then guys i was taking it too far,i think if thats the case on the calculation for a 1m sale.,."the devil is not as black as he is painted"
"Don't let the fear of losing be greater than the excitement of winning."
Cde Monomotapa
#30 Posted : Wednesday, July 03, 2013 9:59:08 AM
Rank: Chief

Joined: 1/13/2011
Posts: 5,964
Btw, this bill was just pushed forward to post elections. Even if it were a CORD gova we'd still be slugging each other here. Laughing out loudly Laughing out loudly #Suckers
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