Capital gains tax declines by 13pc despite tripling of rate

Taxes collected from financial deals arising from transfer of real estate and shares in privately-held firms posted a double-digit fall in the third quarter of the current financial year despite the rate being tripled, official data shows.

Tax receipts from transactions on real estate and private shares amounted to Sh3.28 billion in the January to March 2023 period compared with Sh3.76 billion in the same period last year, according to provisional revenue statistics by the National Treasury.