Tycoons fight KRA over shares, land transfer tax

Kenyan investors. From left: Jaswinder Bedi, Ambrose Rachier and Peter Kenneth.

Photo credit: File | Nation Media Group

A change in law on taxation of gains made from the sale of assets is turning into a nightmare for investors involved in multi-billion shilling deals, with a number of tycoons locked in a bruising legal battle with the Kenya Revenue Authority (KRA).

The Treasury in 2022 announced it was tripling the capital gains tax (CGT) to 15 percent from five percent, in line with international standards, with effect from January 2023. 

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Note: The results are not exact but very close to the actual.