Nairobi, March 8 -- The Kenya Revenue Authority (KRA) suffered a double-digit drop in revenue collections from the sale of land, houses, and shares in privately held firms in the first half of the current financial year, the latest official data shows.

Taxes from financial transactions in real estate and shares in private companies amounted to Sh9.16 billion, a 16.53 percent decline compared with a similar period a year earlier when receipts stood at Sh10.98 billion.

Treasury data analysis shows the receipts in the July-December 2023 period bucked a trend of double-digit growth in the previous two years.

This came despite the taxman tripling the capital gains tax (CGT) rate three-fold to 15 percent, compared with previous years when th...