Kenya Scraps Capital Gains Tax on Shares After Brokers Protest

Kenya scrapped its 5 percent capital gains tax on shares less than six months after it was introduced following objections by stockbrokers in East Africa’s biggest economy.

The levy will be replaced by a 0.3 percent withholding tax on the value of share transactions, Treasury Secretary Henry Rotich said Thursday in his annual budget speech in the capital, Nairobi. The decision was made after “challenges in some sectors of the economy,” he said.