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New deduction to fund govt housing plan
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Angelica _ann
#51 Posted : Tuesday, April 16, 2019 7:13:06 PM
Rank: Elder

Joined: 12/7/2012
Posts: 11,937
Brought from Low End Housing: High Risk, High Return Thread smile



obiero wrote:

In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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limanika
#52 Posted : Tuesday, April 16, 2019 7:21:35 PM
Rank: Veteran

Joined: 9/21/2011
Posts: 2,032
Angelica _ann wrote:
Brought from Low End Housing: High Risk, High Return Thread smile



obiero wrote:


Key word is 'may be' transferred not 'shall' be transferred.
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sparkly
#53 Posted : Tuesday, April 16, 2019 8:03:27 PM
Rank: Elder

Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
State Capture and outright thuggery. Time to say enough is enough to this incompetent government.
Life is short. Live passionately.
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murchr
#54 Posted : Tuesday, April 16, 2019 8:05:08 PM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
sparkly wrote:
State Capture and outright thuggery. Time to say enough is enough to this incompetent government.


If your MP passed the Finance bill 2018 you have you and him to blame.
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
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AlphDoti
#55 Posted : Wednesday, April 17, 2019 12:01:37 PM
Rank: Elder

Joined: 6/20/2008
Posts: 6,275
Location: Kenya
Lolest! wrote:
kingfisher wrote:
Lolest! wrote:
Finally!
Quote:
The government will start deducting 1.5 percent housing levy from all employees in the public and private sector beginning March 1.

https://www.nation.co.ke...57666-jnsqhr/index.html

It's 1.5% employee and similar amount employer.

This fund will be BIGGER than NHIF & NSSF! Remember NHIF has a low maximum(1,700) while NSSF new rates have never been applied. Even if new NSSF rates are applied, the NSSF pays the member upon retirement or his beneficiaries in case of death.

Housing fund will pay you back all monies(no interest?) in case you aren't a beneficiary upon retirement. Unlike what happens for NSSF(employer contribution is paid to the member/employee), for National Housing Development Fund you don't get to benefit from employer's contribution. The fund keeps those contributions.

Anyway, let's see about the Parkroad houses first

There is a maximum capping of 5k being the combined total of both employer/employee per month. So it will be max of 2.5k per month for both unless that has been changed.

Right

Is this deduction less tax like Home Ownership Savings Plan (HOSP), which translates to monthly tax savings or not?
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  | | Edit by user: Wednesday, April 17, 2019 12:03 PM | Reason: Not specified
limanika
#56 Posted : Wednesday, April 17, 2019 3:15:59 PM
Rank: Veteran

Joined: 9/21/2011
Posts: 2,032
1)People buying houses will buy on mortgage. Meaning they pay developer in full first and then service the mortgage polepole
2) The developers constructing the houses will spend own money and are not getting govt funding

So, tell me like a 2year old who hasn't gone to school, what is the 1.5 % deduction meant for?
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Queen
#57 Posted : Wednesday, April 17, 2019 3:48:52 PM
Rank: Member

Joined: 11/21/2018
Posts: 564
Location: Britain
limanika wrote:
1)People buying houses will buy on mortgage. Meaning they pay developer in full first and then service the mortgage polepole
2) The developers constructing the houses will spend own money and are not getting govt funding

So, tell me like a 2year old who hasn't gone to school, what is the 1.5 % deduction meant for?



Wait until you hear that anybody who steals this money (even if it's the entire amount) can only be charged a maximum of 10K... Total thuggery this!
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newfarer
#58 Posted : Wednesday, April 17, 2019 4:00:30 PM
Rank: Elder

Joined: 3/19/2010
Posts: 3,505
Location: Uganda
Ericsson wrote:
Fyatu wrote:
bwenyenye wrote:
This is the beginning of the next big scam..this is why I think so
1. there is no location identified for these houses
2. The contributors have no assurance of benefiting
3. There are no clear timelines of delivery
4. I have not heard of a committee to make this happen
5. It has been proven before ( Nyayo Highrise, Kibira etc) that the intended beneficiaries cannot afford that lifestyle and will resell to the middle class..
6. There is no clear criteria for qualification..what that implies in Kenya is that we will be astonished when the list is finally read out.. It will be largely politicians, and state officers
7. The govt is forcing this on the citizens.... That shows you it does not sell to the masses
8. Too much hidden information on the operability of the project
9.There is a Court process ongoing yet it is being implemented
10... This is Jubilee...if the scams in the last 3 years are anything to go by

Watch this space...


Hujuma.....


Employer contribution is non-refundable.Guess where it will go.
GoK will be the biggest defaulter in remitting the money

avenue for theft.
punda amecheka
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newfarer
#59 Posted : Wednesday, April 17, 2019 4:03:08 PM
Rank: Elder

Joined: 3/19/2010
Posts: 3,505
Location: Uganda
https://mobile.nation.co...5936-chaan3z/index.html

the sh*t has been thrown out
punda amecheka
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  | | Edit by user: Wednesday, April 17, 2019 4:04 PM | Reason: Not specified
murchr
#60 Posted : Wednesday, April 17, 2019 4:08:06 PM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
newfarer wrote:
https://mobile.nation.co.ke/news/Labour-court-suspends-housing-tax/1950946-5075936-chaan3z/index.html

the sh*t has been thrown out


And it needs to stay there. Why not use NSSF and the various saccos that exist?
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
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