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maka		#131 Posted : Thursday, February 26, 2015 12:05:28 PM
Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi		Pesa Nane wrote: holycow wrote: According to today's Business Daily paper, KRA expects me to file the returns. Quote: Shifting the responsibility of accounting for the capital gains tax to investors through an amendment of the relevant law means the taxman will have to wait until the next financial year beginning July to bring the new tax measure into force. It also means brokers are for the time being not required to levy the tax while the investors cannot take up the job because it would be unlawful to do so. Does this mean that CGT is 'on suspension" for the time being?? We are just in limbo.... possunt quia posse videntur
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MaichBlack		#132 Posted : Thursday, February 26, 2015 12:13:35 PM
Rank: Elder Joined: 7/22/2009 Posts: 7,912		Pesa Nane wrote: holycow wrote: According to today's Business Daily paper, KRA expects me to file the returns. Quote: Shifting the responsibility of accounting for the capital gains tax to investors through an amendment of the relevant law means the taxman will have to wait until the next financial year beginning July to bring the new tax measure into force. It also means brokers are for the time being not required to levy the tax while the investors cannot take up the job because it would be unlawful to do so. Does this mean that CGT is 'on suspension" for the time being?? That is my understanding. The broker is not required to deduct the tax and there is no law requiring you to! No CGT for now!!!! Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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Ericsson		#133 Posted : Thursday, February 26, 2015 12:18:31 PM
Rank: Elder Joined: 12/4/2009 Posts: 10,820 Location: NAIROBI		CGT was designed to fail just like the rental tax Wealth is built through a relatively simple equation Wealth=Income + Investments - Lifestyle
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Fyatu		#134 Posted : Thursday, February 26, 2015 12:21:36 PM
Rank: Veteran Joined: 1/20/2011 Posts: 1,822 Location: Nakuru		so when should i file CGT on my portfolio....when i have mad a sale or when my portfolio gains?? Why is go.ke not doing civic education to wanjiku. She has also invested at the NSE. She deserves to know how to handle this CGT issue Dumb money becomes dumb only when it listens to smart money
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streetwise		#135 Posted : Thursday, February 26, 2015 1:58:04 PM
Rank: Veteran Joined: 6/23/2011 Posts: 1,740 Location: Nairobi		Failed. Nothing to educate about
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MaichBlack		#136 Posted : Thursday, February 26, 2015 2:10:17 PM
Rank: Elder Joined: 7/22/2009 Posts: 7,912		Fyatu wrote: so when should i file CGT on my portfolio....when i have mad a sale or when my portfolio gains?? Why is go.ke not doing civic education to wanjiku. She has also invested at the NSE. She deserves to know how to handle this CGT issue This CGT business WILL FAIL!!! 1) What are foreign investors (including those from Rongai) expected to do? Come to Kenya and pick the forms? Download forms fill in print and send? Fill online? What if they don't??? You go looking for them in Pakistan or wherever they come from? Do you have the resources? Will? Stamina? etc.? 2) Who should submit the tax/money to KRA? Surely not the broker!!! It is no longer his work now! What if I don't forward the money? Do you have the resources, time, will power to chase after the money. When you get me, will you hold me by the throat so that I give you the money? Probably not? What next? Court? Seriously? I'm I the only guy you are after? Oh, we are many? You will prosecute all of us? Lawyers? Kenyan courts? Can they handle such volumes? Have you seen the backlog of cases? Current backlog would take 3 years to clear if there are no new cases! Are you sure you want to go there? Did I mention my capital gains might be just 2,000/= which means you are running after 100/=? Or it could even be 20,000/= and you are running after 1,000/=. Did I also mention I might be from Syria?? Are you still with me??? You = KRA. Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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Boris Boyka		#137 Posted : Thursday, February 26, 2015 2:35:15 PM
Rank: Veteran Joined: 11/15/2013 Posts: 1,977 Location: Here		MaichBlack wrote: Fyatu wrote: so when should i file CGT on my portfolio....when i have mad a sale or when my portfolio gains?? Why is go.ke not doing civic education to wanjiku. She has also invested at the NSE. She deserves to know how to handle this CGT issue This CGT business WILL FAIL!!! 1) What are foreign investors (including those from Rongai) expected to do? Come to Kenya and pick the forms? Download forms fill in print and send? Fill online? What if they don't??? You go looking for them in Pakistan or wherever they come from? Do you have the resources? Will? Stamina? etc.? 2) Who should submit the tax/money to KRA? Surely not the broker!!! It is no longer his work now! What if I don't forward the money? Do you have the resources, time, will power to chase after the money. When you get me, will you hold me by the throat so that I give you the money? Probably not? What next? Court? Seriously? I'm I the only guy you are after? Oh, we are many? You will prosecute all of us? Lawyers? Kenyan courts? Can they handle such volumes? Have you seen the backlog of cases? Current backlog would take 3 years to clear if there are no new cases! Are you sure you want to go there? Did I mention my capital gains might be just 2,000/= which means you are running after 100/=? Or it could even be 20,000/= and you are running after 1,000/=. Did I also mention I might be from Syria?? Are you still with me??? You = KRA. @Maich you nailed it. Rongai is not your mothers nowadays.. ..upto 6hrs time on road. In deed KRA failed on this one. If gvt needed money..they could have added 0.1 % on commisions....good money in an easy way whether you gain or loose on capital just like on excise duty on bank transactions. Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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Impunity		#138 Posted : Thursday, February 26, 2015 5:09:43 PM
Rank: Elder Joined: 3/2/2009 Posts: 26,331 Location: Masada		maka wrote: Pesa Nane wrote: holycow wrote: According to today's Business Daily paper, KRA expects me to file the returns. Quote: Shifting the responsibility of accounting for the capital gains tax to investors through an amendment of the relevant law means the taxman will have to wait until the next financial year beginning July to bring the new tax measure into force. It also means brokers are for the time being not required to levy the tax while the investors cannot take up the job because it would be unlawful to do so. Does this mean that CGT is 'on suspension" for the time being?? We are just in limbo.... What about CGT on purots? Portfolio: Sold You know you've made it when you get a parking space for your yatcht.
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hisah		#139 Posted : Thursday, May 07, 2015 3:07:36 AM
Rank: Chief Joined: 8/4/2010 Posts: 8,977		whiteowl wrote: holycow wrote: According to today's Business Daily paper, KRA expects me to file the returns. KRA should know the volumes won't be the same once CGT comes into effect so they should throw out those revenue projections. And that notion that equities are only for the rich hence should be taxed to avoid creating inequality. nkt! The CGT drama continues. KRA to miss CGT target $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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whiteowl		#140 Posted : Friday, May 08, 2015 12:35:39 AM
Rank: Veteran Joined: 4/16/2014 Posts: 1,420 Location: Bohemian Grove		hisah wrote: whiteowl wrote: holycow wrote: According to today's Business Daily paper, KRA expects me to file the returns. KRA should know the volumes won't be the same once CGT comes into effect so they should throw out those revenue projections. And that notion that equities are only for the rich hence should be taxed to avoid creating inequality. nkt! The CGT drama continues. KRA to miss CGT target So you set a target of 7 billion but end up collecting only 200 million. Then you go ahead to set a target of 10 billion for the next financial year.What are these guys smoking? ? No wonder they came up with a 2 trillion budget.
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Wazua » Investor » Economy » Capital Gains Tax on EQUITIES

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