Kenya to Raise Capital Gains Tax to Shore Up Revenues

Kenya will more than double its capital gains tax rate to 12.5% from 5% to bring it in line with international standards, Finance Minister Henry Rotich said in budget proposals to parliament on Thursday, Reuters reported. Analysts said the move showed the government had opted to squeeze already hard-pressed taxpayers, rather than cut expenditure, to make ends meet. “They are basically trying to get more and more out of a small tax base,” said Kenneth Minjire, head of securities at Nairobi-based Genghis Capital. The speech was partly overshadowed by a walkout by female legislators after one of them was allegedly assaulted by a male lawmaker before it began. Videos of Fatuma Gedi weeping and bleeding from the mouth circulated online and Kenyan police later tweeted they had arrested Rashid Kassim Amin, an MP from her area. Read more