Stock brokers, KRA fail to seal deal on capital gains tax

Kenya Revenue Authority (KRA) has failed to seal a deal with stock brokers over the Capital Gain Tax. This is despite the taxman seeking time for negotiations. The parties will now continue with the case filed by the stockbrokers as the two could not agree on the implementation of the law that will see the brokers remit taxes on behalf of their clients.

Stockbrokers during the mention of the case before High Court Judge Mumbi Ngugi last week, sought to have the court issue temporary orders barring the taxman from demanding the taxes under the new law. They say they would be at loss when they will be compelled to remit the monies by February 20.