NAIROBI: Stockbrokers moved to court to challenge a judgement on capital gain tax which allows Kenya Revenue Authority to tax them.
The Kenya Association of Stockbrokers and Investment Bankers has challenged judge Mumbi Ngugi’s March 20 decision to throw out their petition seeking to shelve the tax.Ngugi ruled that Parliament properly passed the law and its implementation is a matter of policy that does not violate their rights.
“Parliament subjected the law to accepted levels of public participation by discussing it on the floor of the House. MPs are representatives of the public, hence the debate can be considered to be legitimate, which is mandatory before any bill is passed into law,” she said.Ngugi said the shelving of the tax would require a referendum for Kenyans to decide.