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Capital Gains Tax
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Wa_ithaka
#11 Posted : Monday, June 07, 2010 11:06:52 AM
Rank: Veteran

Joined: 1/7/2010
Posts: 1,279
Location: nbi
A good starting pt would be to levy CGT on gains made under 1yr
The Governor of Nyeri - 2017
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guru267
#12 Posted : Monday, June 07, 2010 1:38:09 PM
Rank: Elder

Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
mozenrat wrote:
For those of you in Uganda and other countries where CGT is collected, does the Government account for inflation? What happens if you sell at a loss? Do you gain tax credits?
i don't understand what you mean by accounting for inflation because CGT is a tax levied on profits made from a transaction its not charged on losses but i'm not sure if there are any credits gained
Mark 12:29 Deuteronomy 4:16
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winston
#13 Posted : Monday, June 07, 2010 2:04:59 PM
Rank: Member

Joined: 4/14/2010
Posts: 806
Location: Nairobi
I think inflation affects all profits/gains whether they are capital or revenue by virtue of the diminished purchasing power of these profits or gains.
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FundamentAli
#14 Posted : Monday, June 07, 2010 2:17:10 PM
Rank: Veteran

Joined: 11/4/2008
Posts: 1,289
Location: Nairobi
This whole story is in today's BD. Accountants argue it is a way of breaching the gap between Rich and Poor. If they start lobbying today, this move will be acceptable to the ruling class 10 yrs from now
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mozenrat
#15 Posted : Monday, June 07, 2010 5:13:56 PM
Rank: Veteran

Joined: 5/18/2008
Posts: 796
@Guru... Imagine if you bought some shares in Jan 2010 and sold in Jan 2011 with 11% capital gains yet inflation was running at 20%... Wouldn't you then be paying the tax on a loss?
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VituVingiSana
#16 Posted : Monday, June 07, 2010 5:40:24 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,375
Location: Nairobi
mozenrat wrote:
@Guru... Imagine if you bought some shares in Jan 2010 and sold in Jan 2011 with 11% capital gains yet inflation was running at 20%... Wouldn't you then be paying the tax on a loss?
False logic here! You pay tax on interest income... so whether inflation is above or below the 'gain' or 'Interest Income' the tax remains... Unfair? Yes!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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