NEWS

KRA wants anti-capital gains tax case dismissed

The taxman wants a suit challenging re-introduction of Capital Gains Tax struck out.

In documents filed yesterday, the Kenya Revenue Authority said Kenya Association of Stockbrokers and Investment Banks (Kasib) is not the target of the tax, but the investor who buys and sells securities.

Mr James Ojee, acting deputy commissioner with KRA said Kasib had not demonstrated any challenge to the law. “It would be detrimental if the law is to be suspended merely because of a few implementation challenges which can be resolved if KRA is given time to,” he said.

The deputy commissioner said any concerns raised by Kasib about loss of tourism revenue, employment or mushrooming of illegal casinos are futuristic and not supported by any evidence.

“The petitioner instead ought to embrace a wholesome interpretation of the constitution. It provides that the burden of taxation shall be shared equally,” he said.

Mr Ojee said the efforts taken to draw in players from the financial, securities and insurance segments is meant to address some of the implementation programmes for...

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