Nairobi, April 15 -- The Capital Markets Authority and property investors are lobbying the government to reinstate the exemption of Real Estate Investment Trusts (REITs) from paying stamp duty when they are acquiring assets.

ILAM Fahari I-REIT, which focuses on holding properties for income and was recently delisted from the Nairobi Securities Exchange, says the industry has faced substantial costs since the exemption expired in December 2022.

Stamp duty is paid by the buyer on the transfer of properties, leases, and securities.

The law stipulates that to transfer immovable property, one is charged a stamp duty at a rate of four per cent in urban areas and two per cent in rural areas.

For REITs, the stamp duty paid runs into millions ...