Proposed tax law an attack on Kenyans, says Mudavadi
Nasa co-principal Musalia Mudavadi. PHOTO | FILE | NATION MEDIA GROUP
What you need to know:
Mr Mudavadi singled out the sections dealing with the capital gains tax, saying the proposed law is harmful.
The ANC leader says proposed tax on transfer of property is an attack on Kenyans.
Amani National Congress (ANC) leader Musalia Mudavadi has termed the 2018 Income Tax Bill a bad law.
He said the proposed tax increase will have a negative impact on investments.
Mr Mudavadi singled out the sections dealing with the capital gains tax, saying the proposed law is harmful.
The ANC leader challenged MPs to reject the bill.
“As has happened with a number of other bad laws in the past, the Executive expects that Parliament will rubberstamp this bill without logic and reasoning,” he said in Nairobi.
Mr Mudavadi said the bill “has everything to do with loans and reckless fiscal practice that the Jubilee government is in love with”, warning that it will adversely affect the projected economic growth.
He said the proposed increase of capital gains tax from the current five per cent to 20 per cent on transfer of property is a drastic attack on Kenyans, and that it runs counter to President Uhuru Kenyatta’s Big Four agenda.
“The President cannot talk of affordable housing while also imposing an improbable 20 per cent tax on potential sellers and buyers,” he said.
