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Kibaki sells Union Towers!!!!!!!!!
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urstill1
#11 Posted : Thursday, October 02, 2014 9:41:41 AM
Rank: User

Joined: 9/6/2013
Posts: 1,446
Location: In a house
kingfisher wrote:
KulaRaha wrote:
Must have a huge chunk of cash payment, to avoid 4% stamp duty. LOOOOOL

Kulipa ushuru blah blah hogwash!


thats a cool 32m!! hiyo ni ngumu sana kulipaShame on you Shame on you Shame on you


How do you avoid stamp duty with cash payments? How's the transfer done?
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Swenani
#12 Posted : Thursday, October 02, 2014 9:42:28 AM
Rank: User

Joined: 8/15/2013
Posts: 13,237
Location: Vacuum
KulaRaha wrote:
Must have a huge chunk of cash payment, to avoid 4% stamp duty. LOOOOOL

Kulipa ushuru blah blah hogwash!

Laughing out loudly Laughing out loudly Laughing out loudly
If Obiero did it, Who Am I?
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Kihara joni
#13 Posted : Thursday, October 02, 2014 10:04:32 AM
Rank: Member

Joined: 5/8/2013
Posts: 386
Location: Nyali mombasa
urstill1 wrote:
kingfisher wrote:
KulaRaha wrote:
Must have a huge chunk of cash payment, to avoid 4% stamp duty. LOOOOOL

Kulipa ushuru blah blah hogwash!


thats a cool 32m!! hiyo ni ngumu sana kulipaShame on you Shame on you Shame on you


How do you avoid stamp duty with cash payments? How's the transfer done?

would be very interested to know this I wouldn't mind pocketing the 4% instead of giving to the government
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KulaRaha
#14 Posted : Thursday, October 02, 2014 10:10:23 AM
Rank: Elder

Joined: 7/26/2007
Posts: 6,514
Simple, if the building is valued at 1.2B, you sell for 800M and pay the stamp duty of 4%.

The balance of 400M you do transfers to personal accounts held with various banks. Or you pay offshore.

Anyways no one is going to ask Judy or Jimmy why they received 100M to their account...

I have a friend who bought a house for 23M but paid 19M officially and the developer took 4M cash cash.
Business opportunities are like buses,there's always another one coming
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harrydre
#15 Posted : Thursday, October 02, 2014 10:35:21 AM
Rank: Elder

Joined: 7/10/2008
Posts: 9,131
Location: Kanjo
KulaRaha wrote:
Simple, if the building is valued at 1.2B, you sell for 800M and pay the stamp duty of 4%.

The balance of 400M you do transfers to personal accounts held with various banks. Or you pay offshore.

Anyways no one is going to ask Judy or Jimmy why they received 100M to their account...

I have a friend who bought a house for 23M but paid 19M officially and the developer took 4M cash cash.



Naaahhh...it's more of a stake in the uni. 50:50
i.am.back!!!!
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Am
#16 Posted : Thursday, October 02, 2014 10:38:21 AM
Rank: Veteran

Joined: 2/21/2012
Posts: 1,739
harrydre wrote:
KulaRaha wrote:
Simple, if the building is valued at 1.2B, you sell for 800M and pay the stamp duty of 4%.

The balance of 400M you do transfers to personal accounts held with various banks. Or you pay offshore.

Anyways no one is going to ask Judy or Jimmy why they received 100M to their account...

I have a friend who bought a house for 23M but paid 19M officially and the developer took 4M cash cash.



Naaahhh...it's more of a stake in the uni. 50:50



Correct..
Do not be anxious about anything, but in everything, by prayer and petition, with thanksgiving, present your requests to God..
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kingfisher
#17 Posted : Thursday, October 02, 2014 11:49:11 AM
Rank: Elder

Joined: 4/9/2008
Posts: 2,824
Wendz wrote:
mawinder wrote:
http://www.businessdailyafrica.com/Corporate-News/Mwai-Kibaki-sells-Nairobi-Union-Towers-to-MKU-for-Sh800m-/-/539550/2470784/-/4129mpz/-/index.html
Is he becoming broke??????


Broke? With investments, you do not sell because you are broke, you sell because you have seen another opportunity that is better than what you are holding. if you only sell assets when you get broke, you sure are going to get broke quite soon.... well, am a culprit of holding but......................it doesn't change the fact that it is not the ideal wealth creation strategy.


correct. hiyo pesa pahari imepelekwa itazaa double double... that man can not sell a building just like that!!

and probably he never received any payment in the forms being talked of here... could be he got a huge chunk of that university as payment
When I have money, I get rid of it quickly, lest it find a way into my heart.
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kaka2za
#18 Posted : Thursday, October 02, 2014 11:59:57 AM
Rank: Elder

Joined: 10/3/2008
Posts: 4,058
Location: Gwitu
That man knows more about money that all of us here.
Maybe he probably owns that university through proxies.
Truth forever on the scaffold
Wrong forever on the throne
(James Russell Rowell)
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Intelligentsia
#19 Posted : Thursday, October 02, 2014 12:00:53 PM
Rank: Elder

Joined: 10/1/2009
Posts: 2,436
He's saved over KShs 40m, sale done just ahead of introduction of the capital gains tax in 2015.
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urstill1
#20 Posted : Thursday, October 02, 2014 12:29:52 PM
Rank: User

Joined: 9/6/2013
Posts: 1,446
Location: In a house
I want someone to confirm to me if I got this stamp duty concept right. So if I agree with a property seller that I buy the property at 10m, I pay 5m officially but the other in cash(transfer ama pesa kwa gunia?), so I end up paying 200k duty instead of 400k?
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