Shares cost up as brokers charge 14pc VAT on fees

Stockbrokers have started charging the 14 percent value-added tax (VAT) on service fees and commissions after President Uhuru Kenyatta assented to the Tax Laws Amendment Act 2020 last month, raising the cost of investing in equities and securities at the NSE.

Dyer & Blair Investment Bank and ApexAfrica Capital have sent notices to clients informing them of the different fees and commissions that will be loaded with VAT.