in 2015 having been suspended in 1985. CGT is charged at the rate of 5% of the gain. There are various exemptions on CGT provided under the ITA. The tax on rental income is a tax arising from the gains and profits for occupation of property. The ITA provides for various ways of taxing rental income; Where the rent is payable to a non-resident, the tenant is required to withhold 30% of the rent and remit it to the Kenya Revenue Authority. The tax withheld is a final tax. Where the rent is payable to a resident, if the property is commercial, the tenant being an appointed agent, is required to withhold 10 % of the rent. The tax withheld is not a final tax and the landlord is required to file their income tax in the usual way. Where the rent is payable to a resident and the property is residential, the landlord may opt to either pay a monthly rental income tax, computed at 10 % of the gross rent a (final tax) or pay the instalment tax and final income tax in the usual way. Stamp dut...
Next year will be tough for incoming President
The new government will be challenged especially in creating jobs and ending corruption
In Summary
•There will be a potential challenge on inflation to keep watch on. Many businesses across sectors will do well.
•There is a likelihood of a lot of emigration of so many Kenyans to foreign countries in search of better livelihood or seek employment opportunities.
A police officer guards ballot boxes in Eldoret after the August 8, 2017 general election.
It is about eight to another general election but from the activities on the ground, you would think the poll will be in a month or so.
The top seat is the most prime position to fight for in the Kenyan political space.
The Deputy President seat based on the experience we have so far is for positioning one strategically especially for future political contests or career growth.
In a sense having witnessed the Deputy President seat reduced to almost a ‘flower girl’ position in the last term of Uhuru Kenyatta’s presidency, the position is strategic largely on positioning oneself.
You can be reduced to nobody in that seat at any time including in the first term.
First-term of Jubilee regime (2013 -2017) Deputy President William Ruto looked or it was felt he enjoyed the powers of the position but much of that in the second term vanished.
The President seat is very crucial in the contest. It is important to point out that the next holder of the seat will inevitably influence a lot of what happens to Kenya politically and economically.
The race is a two-horse race already pitting ODM leader Raila Odinga against Deputy President William Ruto.
Both of them have a huge following.
For Raila outside his personal ambition, some key players are banking on him on hopes of him being kind of a transition president to a different future dispensation for Kenya.
For William Ruto, he looks revolutionary in his way of politics and quite mercurial and populist.
The other phenomenon that may unfold and likely to do is that assuming the leading contenders will be Raila and Ruto, the battle is more likely to be closely fought.
None of them is an easy candidate to beat.
The two are crowd pullers and can be quite pushy to get things done and quite eager to acquire power.
Both are backed by powerful forces and will be highly resourced going by the events of the recent past.
Their choice of running mates will tell what they think of the Presidential succession or politics after them.
On the economic front, there is likely to be a lot of money coming to the economy.
Some sectors and industries such as construction are likely to do well.
The hospitality industry will be okay.
The same for the media, advertising industries and transport.
There will be a potential challenge on inflation to keep watch on. Many businesses across sectors will do well.
This includes the financial services sector.
However, unemployment will remain a big challenge for Kenya.
Covid-19 health and economic, mess has destroyed many businesses and livelihoods so the effects will still be hurting and a lot needed to be done to overcome.
The new government that will come into power will be challenged especially in creating or enabling the creation of so many jobs.
The other challenge to confront and is a difficult one is corruption.
Corruption is one key problem that keeps Keny and many third world countries poor.
There is likelihood of a lot of emigration of so many Kenyans to foreign countries in search of better livelihood or seek employment opportunities.
So far we have a huge mass of unemployed people across numerous ages.
The new regime will be faced with huge challenge to deal with and this includes managing debt without too much crippling taxation. There is a lot of social engineering to help people overcome poverty that will be needed.
In a nutshell, 2022 will be a tough year for the county.
It has a lot of political and economic opportunities but is not too easy to navigate with the huge challenges we face as a country especially on unemployment and corruption and its effects.
Innovative devolution that will spur economic opportunities across the country will be needed.
The challenge with devolution will have corruption as a key problem just as it at the national level.
The next President will not have it easy at all.
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political gossip
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