Kenyan Exchange Sees Tax Change Curbing Foreign Investment

The Nairobi Securities Exchange asked Kenyan authorities to defer the introduction of a capital gains tax in 2015 because it may deter foreign investors, acting Chief Executive Officer Andrew Wachira said. The bourse made submissions to the Kenya Revenue Authority and the Finance Ministry over the past two months, “aggressively lobbying” for the levy to be put on hold, Wachira said in an interview yesterday at a stock-exchange conference in Diani, Kenya. Foreign investors have expressed concern that there is a lack of clarity about how the tax will be administered, he said. “The provisions of the capital gains tax are first and...