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Tribunal decision opens window for capital gains tax refund claims
By the end of December 2022, the sale of unquoted shares, property, as well as intangible assets such as software and business goodwill attracted a lower CGT of five percent.
The Tax Appeals Tribunal has potentially opened a floodgate of refund requests after it ruled that the due date for payment of capital gains tax (CGT) is when a property seller receives full payment, not when the transfer is registered.
This is after the five-bench tribunal ruled against an additional CGT that the Kenya Revenue Authority (KRA) had demanded from Paula Kendi Weru on the gains she made on the sale of land to The Nairobi Islamic Charitable WAKF Registered Trustees.
