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Robin Hood Tax and the capital markets
A Nairobi Securities Exchange employee checks the electronic trading board. FILE PHOTO | NMG
In Kenya, the 2018 Finance Bill (published in June) proposed a Robin Hood Tax (RHT) where 0.05 per cent excise duty would be charged on money transferred by banks, money transfer agencies and other financial service providers in amounts of Sh 500,000 or more.
The Capital Market responded to the news instantaneously with investors’ especially foreign investors, exiting the market in search of more favourable market conditions and better yields.
