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Capital Gains Tax on EQUITIES
Rank: Elder Joined: 7/21/2010 Posts: 6,194 Location: nairobi
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watesh wrote: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 many ignorant brokers will tend to calculate not knowing the buying price given their low working morale and low qualifications "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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KRA plans capital gains tax penalties for brokersQuote:“There has been considerable turbulence in the stock market. It is still not very clear how to go about applying the CGT because there are costs involved. Investors are not sure how to go about it. That is why the market is down 40 per cent year-on-year,” said Geoffrey Odundo, the CEO of the Nairobi Securities Exchange (NSE). If this is the CEO of NSE who doesn't know the reversal level of the market he runs I wonder what next?!? Meanwhile KRA and brokers continue to showcase a good fight. Punch after punch ringside action. $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Elder Joined: 7/21/2010 Posts: 6,194 Location: nairobi
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hisah wrote:KRA plans capital gains tax penalties for brokersQuote:“There has been considerable turbulence in the stock market. It is still not very clear how to go about applying the CGT because there are costs involved. Investors are not sure how to go about it. That is why the market is down 40 per cent year-on-year,” said Geoffrey Odundo, the CEO of the Nairobi Securities Exchange (NSE). If this is the CEO of NSE who doesn't know the reversal level of the market he runs I wonder what next?!? Meanwhile KRA and brokers continue to their good fight. Punch after punch ringside action. Kibaki left me rich in this market, this guys are reversing the gains and making me poorer day in day out.iam thinking of crossing to rwanda. "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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mlennyma wrote:hisah wrote:KRA plans capital gains tax penalties for brokersQuote:“There has been considerable turbulence in the stock market. It is still not very clear how to go about applying the CGT because there are costs involved. Investors are not sure how to go about it. That is why the market is down 40 per cent year-on-year,” said Geoffrey Odundo, the CEO of the Nairobi Securities Exchange (NSE). If this is the CEO of NSE who doesn't know the reversal level of the market he runs I wonder what next?!? Meanwhile KRA and brokers continue to their good fight. Punch after punch ringside action. Kibaki left me rich in this market, this guys are reversing the gains and making me poorer day in day out.iam thinking of crossing to rwanda. Come to think of it Rwanda does offer an equity arbitrage when it comes to CGT. Without CGT implemented in their equity market that is already a sweet discount. However, if you manage large funds that market is too tiny to offer any decent playground. Thanks for letting me see that CGT arbitrage. Automatic sizable capital flight if their market was liquid enough. The other CGT arbitrage is now in Egypt which is larger and more liquid than NSE. That's where capital flight will land from KE.
Very silly these KE policy makers. Capital has no loyalty. So how do you meet tax targets when the econ is in a slump with a deflate equity market and an underpressure currency? You end up with a trickle of tax collection. How is this helpful? $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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When is the term ending for Njiraini, the guy has proved that he cannot think out of the box. I wonder how much he's been able to collect from the other taxes on the NSE "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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Rank: Elder Joined: 7/21/2010 Posts: 6,194 Location: nairobi
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murchr wrote:When is the term ending for Njiraini, the guy has proved that he cannot think out of the box. I wonder how much he's been able to collect from the other taxes on the NSE I dont think there is any incentive left to warrant an investor to come here. "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Elder Joined: 9/23/2010 Posts: 2,225 Location: Sundowner,Amboseli
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This Njiraini guy reminds me of Eurozone. At the height of GFC in 2008 they went for austerity,tightening when the US went expansionary. Compare the 2 regions now...EURUSD bulls have been run out of town since August last year  @SufficientlyP
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Rank: New-farer Joined: 5/15/2015 Posts: 26
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murchr wrote:When is the term ending for Njiraini, the guy has proved that he cannot think out of the box. I wonder how much he's been able to collect from the other taxes on the NSE I don't think it is Njiraini's fault. The law was passed, he is just the enforcer. But he should communicate clearly on how tax is to be collected and calculated under every scenario. Not just demand it. The MPs we elected passed this law. And the president we elected, signed it into law.
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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kimugaman wrote:murchr wrote:When is the term ending for Njiraini, the guy has proved that he cannot think out of the box. I wonder how much he's been able to collect from the other taxes on the NSE I don't think it is Njiraini's fault. The law was passed, he is just the enforcer. But he should communicate clearly on how tax is to be collected and calculated under every scenario. Not just demand it. The MPs we elected passed this law. And the president we elected, signed it into law. Equality is the word. Foreign companies invest in their home countries they pay CGT. They come to Kenya they don't pay CGT. You invest abroad you pay CGT. What are we, donors? Life is short. Live passionately.
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Rank: Member Joined: 8/29/2008 Posts: 573
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sparkly wrote:kimugaman wrote:murchr wrote:When is the term ending for Njiraini, the guy has proved that he cannot think out of the box. I wonder how much he's been able to collect from the other taxes on the NSE I don't think it is Njiraini's fault. The law was passed, he is just the enforcer. But he should communicate clearly on how tax is to be collected and calculated under every scenario. Not just demand it. The MPs we elected passed this law. And the president we elected, signed it into law. Equality is the word. Foreign companies invest in their home countries they pay CGT. They come to Kenya they don't pay CGT. You invest abroad you pay CGT. What are we, donors? The REST of the WORLD bases CGT on residence.A Kenyan person or company investing in NYSE does NOT pay US CGT if their residence is Nairobi.But the kenyan CGT is participatory;it is for everyone who ventures into NSE.Whether they are resident or non-resident,it doesn't matter to KRA.
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