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The optimist		#141 Posted : Tuesday, May 12, 2015 6:53:27 PM
Rank: Member Joined: 6/14/2010 Posts: 521 Location: Nairobi		I noticed a CGT deduction on my statement. Are the brokers required to be deducting on behalf of clients or what is the current position. Adept Tranport Services
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Museveni		#142 Posted : Wednesday, May 20, 2015 11:18:25 AM
Rank: Member Joined: 8/16/2012 Posts: 661		@hisah already post the link on the EW thread but still relevant here. Brokers accuse KRA of shifting goal posts on tax In Summary - KRA wrote to individual brokers and investment banks on April 30 asking them to pay within 14 days. Quote: “Please note that to-date we have not received any returns or capital gains tax on transfer of investment shares conducted with effect from January 1, 2015 as required in Paragraph 18 of the Eighth Schedule to the Income Tax Act,” said the letter from the commissioner for domestic taxes, Alice Owuor. - The brokers said it was impossible to comply with the order from the Kenya Revenue Authority (KRA) since they had not been withholding the tax due from investors. Quote: According to lobby Kenya Association of Stockbrokers and Investment Banks (Kasib), the Capital Markets Authority (CMA) had in February proclaimed that the tax would not be claimed from the intermediaries but would directly be applied to individual investors. Quote: “Stockbrokers have been left in a state of confusion and disarray,” said Kasib chief executive Willie Njoroge. Quote: “On February 19, 2015, the Capital Markets Authority assured members that the responsibility of computing and remitting CGT shall be left to the individual investors and not the stockbrokers,” said Mr Njoroge. Quote: This has come at a cost to the market which slipped below 5,000 points last week for the first time since December as foreign investors continued disposing of large caps at the NSE. Live and learn; and don’t forget, nothing ventured, nothing gained.
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Cde Monomotapa		#143 Posted : Wednesday, May 20, 2015 1:39:37 PM
Rank: Chief Joined: 1/13/2011 Posts: 5,964		Indeed. There has to be another way to let the people trade, raise revenue, uphold financial inclusion, promote savings & investment culture and still win a Nobel Peace Prize. That proposed levy is a good way to go. Meanwhile... Egypt's stock market soars after halt of capital gains tax http://www.pantagraph.co...3-bf37-5470346d6ce6.html
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winmak		#144 Posted : Wednesday, May 20, 2015 3:16:05 PM
Rank: Member Joined: 12/1/2007 Posts: 539 Location: Nakuru		[quote=Cde Monomotapa]Indeed. There has to be another way to let the people trade, raise revenue, uphold financial inclusion, promote savings & investment culture and still win a Nobel Peace Prize. That proposed levy is a good way to go. Meanwhile... Egypt's stock market soars after halt of capital gains tax http://www.pantagraph.co...-bf37-5470346d6ce6.html[/quote] I only we had someone here who could copy this to those KRA guys For investors as a whole, returns decrease as motion increases ~ WB
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hisah		#145 Posted : Wednesday, May 20, 2015 3:18:09 PM
Rank: Chief Joined: 8/4/2010 Posts: 8,977		Cde Monomotapa wrote: Indeed. There has to be another way to let the people trade, raise revenue, uphold financial inclusion, promote savings & investment culture and still win a Nobel Peace Prize. That proposed levy is a good way to go. Meanwhile... Egypt's stock market soars after halt of capital gains tax http://www.pantagraph.co...-bf37-5470346d6ce6.html As you had stated a while back, KRA can implement a sort of excise duty similar to the transaction fees which comprise the brokers fee and CSDC levy. This way it becomes easier to implement and win-win for all. KE needs capital and it's such a small frontier market. Not the other way round and gok needs to understand that point very clearly! Capital has no loyalty! Impose barriers on it and you immediately realize that the ostrich does fly like a falcon! The CGT faceoff and the current econ weakness will continue to rock NSE downwards. Lose-lose for everyone. My expectation is come what may when the capital flight reality check in gok reverse this CGT coercive stance even if it was one of the mandatory IMF SCF conditions! That CGT suspension will trigger sizable rally when the day comes $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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hisah		#146 Posted : Thursday, May 21, 2015 4:14:59 PM
Rank: Chief Joined: 8/4/2010 Posts: 8,977		Also forgot to mention this happened to Taiwan as 2015 was about to start. Capital gains tax in Taiwan postponed to 2018 @cde - see below how Taiwan plans to implement CGT by offering two options; as a transaction tax or overall capital gains tax. There is no need of ramming through CGT in KE. KE needs to attract capital if vision 2030 is to become a reality. Quote: Major market players would have had the choice of paying either an extra 0.1% transaction tax on deals over NT$1 billion (US$31.5 million) or a 15% overall tax on their capital gains, according to the previous amendment to the Income Tax Act approved in mid-2013 and originally scheduled to take effect in January 2015. $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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watesh		#147 Posted : Tuesday, May 26, 2015 8:41:43 AM
Rank: Veteran Joined: 8/10/2014 Posts: 992 Location: Kenya		Am at Dyer and Blair, went to withdraw, they withheld 5% of my sales proceeds. The money is still sitting in my account, I can still trade with it
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heri		#148 Posted : Tuesday, May 26, 2015 9:16:06 AM
Rank: Member Joined: 9/14/2011 Posts: 869 Location: nairobi		watesh wrote: Am at Dyer and Blair, went to withdraw, they withheld 5% of my sales proceeds. The money is still sitting in my account, I can still trade with it 5% of sales proceeds or 5% of the gain upon sale?
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mlennyma		#149 Posted : Tuesday, May 26, 2015 12:48:34 PM
Rank: Elder Joined: 7/21/2010 Posts: 6,194 Location: nairobi		watesh wrote: Am at Dyer and Blair, went to withdraw, they withheld 5% of my sales proceeds. The money is still sitting in my account, I can still trade with it it cant be 5% of sale proceeds. but this tax has contributed great in killing the market "Don't let the fear of losing be greater than the excitement of winning."
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watesh		#150 Posted : Tuesday, May 26, 2015 1:36:27 PM
Rank: Veteran Joined: 8/10/2014 Posts: 992 Location: Kenya		heri wrote: watesh wrote: Am at Dyer and Blair, went to withdraw, they withheld 5% of my sales proceeds. The money is still sitting in my account, I can still trade with it 5% of sales proceeds or 5% of the gain upon sale? I did my calculations, i barely made a profit in my sales since majority are recently bought capital gains tax shouldnt even go above 4k but 28k has been withheld out of the 600k am removing. I think they are confused. Good thing is i can still see the withheld money in my account untouched
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