Lawmakers in Kenya have tripled the Capital Gains Tax from five per cent, a move that will erode investors' earnings, especially in the real estate sector.
For instance, the amendment if signed into law by President Uhuru Kenyatta will see an investor selling a property worth Sh150 million having gained Sh50 million in five years pay Sh7.5 million in Capital Gains Tax (CGT) compared to the current rate of Sh2.5 million.
