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Retirees set to lose billions in new levy

ARBS Chairman Simon Nyakundi (left), Wilson Ngugi (Right) Treasurer ARBS during the Association of Retirement Benefits Scheme 19th AGM. [Wilberforce Okwiri/Standard]

Pensioners stand to lose billions of shillings from their contributions to pension schemes if the proposed Robin Hood tax comes into force, industry players have said.

Section 31 of the Finance Bill 2018 has proposed a new Robin Hood tax of 0.05 per cent on all bank transfers of Sh500, 000 and above.

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