Tuesday, November 11, 2014

Elevated taxation hampers investment in Kisumu real estate

It has come to the stake holders’ attention of Kisumu real estate’s that this newly imposed tax from the county Government of Kisumu is absolutely the very source of slow rate of development in Kisumu real estate’s sector. This condition has notably affected the quantity of properties put up by the local as well as personal investors. Both the local and the foreign investors have made their voices heard whereby they’re terribly discontented in the push of high property taxation.
This move hasn't only hinder Kisumu County but all of the 47 counties in Kenya are affected, moreover, the situation is perceived as deterrent to the business developed in Kisumu real estate sector plus the whole country collectively. The latest research by the 2014 brand Kenya audits survey indicates dissatisfaction among the list of possible investors regarding the new charges and taxes regularly imposed by the County Governments.
It’s projected that the increased charges will certainly impact the counties with growth opportunities, one of the many 47 county boss said that they've only engaged the Counties in these subjects and anticipates that there aren't going to be any weighty taxes will be levied upon the investors to get the counties attractive for the business which ultimately will develop the image of the Country completely.
Evans a marketing Executive in a premier real estate in Kisumu noted that when the taxes on properties are high, the demand for building and developing properties in Kisumu County precinct depreciates notably.
He explained that just recently private investors desired to buy huge parcel to make a five star hotel in Kisumu, but after learning that there's a heavy taxation to be included, he opted to hold on and give it a second thought. The County Government requires reviewing this law and adjusting the rates of the heavy taxation, because at the end of the day investors will shy disconnected from the venture hence development will absolutely decline from the county levels.
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