On 29 July 2015, the Kenya Revenue Authority issued a public notice clarifying the replacement of the 5% capital gains tax on the sale of securities with a 0.3% transaction withholding tax as proposed in the 2015-2016 Budget ({News-2015-06-16/P/3- previous coverage}). According to the notice, the 0.3% withholding tax would only apply for transactions involving listed securities, while the 5% capital gains tax would remain applicable for property transactions and transactions involving unliste…