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 duty-
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