Nairobi, Jan. 5 -- The government, through the Finance Act 2022, amended the capital gains tax as provided for in the Income Tax Act from five to 15 percent.

This is good for the government, which seeks to seize any opportunity to enhance the revenue basket.

However, the tripling of the tax shocked those targeted and could beget the taxman mixed results.

Capital gains tax is chargeable on gains or profits made on the transfer of land, buildings or market securities.

The tax is payable by the transferor, or the person transferring.

Where property is involved, the tax is calculated from the gain between the cost of acquiring a property and the cost of selling it, taking into account any input costs such as value enhancement and profess...