[miningmx.com] – KENYA plans to legislate capital gains and windfall taxes on oil, gas and mining companies in an effort to avoid the situation that befell its East African neighbour, Uganda, said Bloomberg News.
Uganda is contesting in court capital gains taxes worth $473m that it says are due by Tullow Oil after the UK-listed oil exploration company sold assets in the country. It said Tullow had paid 30% of the amount.
“Uganda has lost a lot of revenue as a result of not really having focused on that,’ Kenya President Uhuru Kenyatta told Bloomberg News of the proposed capital gains tax.
“We want something that’s fair, but equally recognizing that Kenya as a country must benefit from this,’ he said.
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