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16% VAT shocker on stocks
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mwekez@ji
#1 Posted : Tuesday, July 02, 2013 11:30:03 PM
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Joined: 5/31/2011
Posts: 5,121
Quote:
Investors at NSE are set to be hit by a 16 per cent addition to their transaction costs if the proposed amendments to the Value Added Tax (VAT) Act are passed into law.

http://www.businessdailyafrica....1/-/hxieppz/-/index.html


We are not done talking about Capital Gains Tax on stocks and then this crops up ... The market has every reason to tank!!!
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mwekez@ji
#2 Posted : Tuesday, July 02, 2013 11:34:54 PM
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hisah wrote:
VAT shocker hits investors - http://www.businessdaily...8/-/gwsnkj/-/index.html

Very ill thought this tax idea just like the mobile money excise duty. This one will squeeze out retail volume leaving brokers with diminished commish. Markets need wanjikus turnover otherwise no growth...

#TaxEverything - the new gubberment worldwide motive?!? d'oh!
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Pick n Pay
#3 Posted : Wednesday, July 03, 2013 1:40:17 AM
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Joined: 1/29/2013
Posts: 45
Location: South Africa
So, this government was meant to lower the cost of living. But now this proposed VAT Bill 2013:-

1-Rent will surely go up since he is taxing landlords.

2-Staple foods like maize and wheat now attract 16%, so you will have to dig deeper to eat.

3-If you have school going girls, be ready to pay more for sanitary pads, exercise books, and text books.If you have young kids, you will now pay 16% tax on infant formula.

4-The stock market now attracts more taxation.

5-Kama wewe ni rapper ama up and coming musician, you are now going to be slapped with 16% tax.

6-Everything will go up because electricity VAT will go up from 12% to 16%


You are f'ed if you are poor.
Greed is fear.
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Cde Monomotapa
#4 Posted : Wednesday, July 03, 2013 2:36:33 AM
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I welcome the VAT on stocks and as it may be a shocker to some, to some it isn't. The ZSE charges VAT too and the tranx costs are still lower than the NSE's. If we get an over-reaction, well & good smile SELL!

Also, as a country, we have worked on a bigger threat to livelihoods than taxes over the past decade. That is in the form of addressing structural inflation by improving infrastructure. The pioneer investments in renewable energy are about to come online in geo-thermal. That's the best trick we will experience in the next one year after affordable communication via ICT. Better roads & rail. All in all, frugality is a virtue, you have overall control over your expenditure. Nobody will ever do that for you.

Vision 2030 ni kiboko yao. Trust me, structural inflation (inefficiency) is worse than taxes. Let's see.
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mlennyma
#5 Posted : Wednesday, July 03, 2013 6:55:08 AM
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Location: nairobi
This country is heading nowhere with this unreasonable taxation,you mean 100k will be taxed 16k?
"Don't let the fear of losing be greater than the excitement of winning."
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guru267
#6 Posted : Wednesday, July 03, 2013 7:12:33 AM
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Afadhali wa rudishe capital gains tax!!!

Jubilee is really risking their chances in 2017... The 20 year plan might just turn into a 4 year disaster! Sad
Mark 12:29
Deuteronomy 4:16
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mlennyma
#7 Posted : Wednesday, July 03, 2013 7:20:08 AM
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Its robbery to part with 160k in a 1m sale deal and add the other commisions..stock market is dead.
"Don't let the fear of losing be greater than the excitement of winning."
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dunkang
#8 Posted : Wednesday, July 03, 2013 7:46:16 AM
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And that will mark the death of the NSE as an investment option for me and many others.
Receive with simplicity everything that happens to you.” ― Rashi

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King G
#9 Posted : Wednesday, July 03, 2013 7:56:32 AM
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16% vat on what principle amount, really??????
Thieves
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Cde Monomotapa
#10 Posted : Wednesday, July 03, 2013 8:00:43 AM
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1.16% times 1.84% = ??
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nostoppingthis
#11 Posted : Wednesday, July 03, 2013 8:13:38 AM
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guru267 wrote:
Afadhali wa rudishe capital gains tax!!!

Jubilee is really risking their chances in 2017... The 20 year plan might just turn into a 4 year disaster! Sad


It doesn't matter what Juilee does wrong... you'll be reminded about tyranny of numbers...

16% VAT on stocks is taking it too far!! How many taxes does this government want to introduce to feed these promises...??
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Cde Monomotapa
#12 Posted : Wednesday, July 03, 2013 8:18:33 AM
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Cde Monomotapa wrote:
1.16% times 1.84% = ??
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mlennyma
#13 Posted : Wednesday, July 03, 2013 8:25:44 AM
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Ok i sober up, can someone calculate for me the v.a.t for a 1m sale here?
"Don't let the fear of losing be greater than the excitement of winning."
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Cde Monomotapa
#14 Posted : Wednesday, July 03, 2013 8:26:49 AM
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Cde Monomotapa wrote:
Cde Monomotapa wrote:
1.16% times 1.84% = ??
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dunkang
#15 Posted : Wednesday, July 03, 2013 8:30:05 AM
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With the ongoing tyranny of jubilee dominance in Parliament, that VAT chieth is going through.
http://www.businessdaily...94/-/f33ga8/-/index.html
Receive with simplicity everything that happens to you.” ― Rashi

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Cde Monomotapa
#16 Posted : Wednesday, July 03, 2013 8:36:12 AM
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Cde Monomotapa wrote:
Cde Monomotapa wrote:
Cde Monomotapa wrote:
1.16% times 1.84% = ??
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guru267
#17 Posted : Wednesday, July 03, 2013 8:44:32 AM
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nostoppingthis wrote:
guru267 wrote:
Afadhali wa rudishe capital gains tax!!!

Jubilee is really risking their chances in 2017... The 20 year plan might just turn into a 4 year disaster! Sad


It doesn't matter what Juilee does wrong... you'll be reminded about tyranny of numbers...

16% VAT on stocks is taking it too far!! How many taxes does this government want to introduce to feed these promises...??


Hunger and poverty know no tribe... If things get too bad we Jubilee might be evicted by next year!

#LookAtEgypt
Mark 12:29
Deuteronomy 4:16
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Cde Monomotapa
#18 Posted : Wednesday, July 03, 2013 8:45:50 AM
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Cde Monomotapa wrote:
Cde Monomotapa wrote:
Cde Monomotapa wrote:
Cde Monomotapa wrote:
1.16% times 1.84% = ??
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Museveni
#19 Posted : Wednesday, July 03, 2013 8:50:49 AM
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Cde Monomotapa wrote:
1.16% times 1.84% = ??


E.g In a stock buy worth 1M,

Transaction fee = 1.84% = 18,400

Proposed tax = 16% of 18,400 = 2,944

Total fees = 21,344


i.e transaction fee % now approx 2.134%


For stock transactions worth 100,000


Transaction fee = 2.1% = 2,100

Proposed tax = 16% of 2,100 = 336

Total fees = 2,436

i.e transaction fee % now approx 2.436%
Live and learn; and don’t forget, nothing ventured, nothing gained.
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Cde Monomotapa
#20 Posted : Wednesday, July 03, 2013 8:51:15 AM
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Cde Monomotapa wrote:
Cde Monomotapa wrote:
Cde Monomotapa wrote:
Cde Monomotapa wrote:
Cde Monomotapa wrote:
1.16% times 1.84% = ??





OK. It is = 2.13% + 0.2% of other charges makes 2.33% to Buy since VAT's a consumption tax.
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