The proposed 2018 income tax Bill is a malicious law that should be scrapped as it is a direct attack on Kenyans in their the quest to align with the evolving economy and the general lifestyle.
The proposed taxing will have a negative impact on investment as it is unfavorable for the trade and will obviouly make investors shy away from any investment of property anywhere on Kenyan soil.
The proposed law is harmful to sectors dealing with the capital gains tax as it will directly impact negatively on their performance operations and make it extremely difficult to cope with the demands of the market environment and is on the brink of being created by the government.
The Members of Parliament are of course the last resort and they should just vehemently reject the bill for the betterment of the future of the country economic-wise.
If at all Parliament rubber stamps the bill without deeper scrutiny, it will essentially mean a thick cloud is disguisedly lowered on the property business investment and then of course a bleak future.
The projected economic growth will as well be adversely affected should the bill go through as it will mean an inception of loans and reckless fiscal practice.
The proposed capital gains tax increase from the currt five percent to twenty percent on property transfer is an attack on hardworking Kenyans and is as well contrary to Uhuru Kenyatta's Big Four Agenda.
The president promised proper and affordable housing to all Kenyans in the run-in to the general elections and that will mean imposing the proposed taxation will be a direct hit below the belt for both buyers and sellers of houses.
It will also mean the president has gone contrary to his promise.
This will furthermore translate to an expected hike in the price of housing as owners will want to maintain their profits even in the wake of the uncalled for taxation.
Buying propert will be a mountain task as the taxation on property transfer is just way too much and many may find it impossible to cope with the unfavorable taxation imposed.
Congestion and a ruse in slummy structures and living conditions is another probaility on the cards noe as Kenyans will shy away from the expected increase in the cost involved to buy a house or even rent one and will struggle for the cheapest available housing.
They will then move towards the slums where housing is relatively cheaper.
Another probability is that real estate businessmen and owners will lower the quality of the houses they put up either deliberately to cope with the tax demands, or with the most obvious reason that the cost of the business is just too high thanks to the unfavorable taxation.
It remains to be seen how the bill goes down in parliament with MPs expected to debate on it and either approve or discard it.