Accountants are calling on the government to develop a good implementation strategy of the capital Gains Tax to prevent a slump in the property market, money market and other
crucial sectors of the economy.
Institute of Certified Public Accountant of Kenya Chairman Benson Okundi says the government needs to consider stakeholder views to make implementation of the Capital Gains Tax smooth.
Re-introduction of the Capital Gains Tax has elicited a lot of public debate from stakeholders due to implementation challenges.
The Institute of Certified Public Accountant of Kenya is not left out either, as they hold the view that a good tax should be fair, simple, convenient and certain.
This according to ICPAK can only be achieved if the government develops an effective and business friendly implementation framework.
Okundi says the government should take into consideration the developments that have taken place in the economy since 1985 when the tax was suspended. He is urging the government to consider the stakeholder views that could help in making implementation of Capital Gains Tax smooth.
He says that the there is no cause for alarm over country’s current debt level of 44 percent of the gross Domestic Product.
