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144-480: Most countries' laws on REITs entitle a real estate company to pay less in corporation tax and capital gains tax . REITs have been criticised as enabling speculation on housing, and reducing housing affordability, without increasing finance for building. REITs can be publicly traded on major exchanges, publicly registered but non-listed, or private. The two main types of REITs are equity REITs and mortgage REITs (mREITs). In November 2014, equity REITs were recognized as

288-683: A 100 percent payout ratio for all income at lower rates. This inhibits the internal growth of the REIT and causes investors to not tolerate low or non-existent yields as the interest rates are more sensitive. Economic climates characterized by rising interest rates can cause a net negative effect on REIT shares. The dividends paid by REITs look less attractive when compared to bonds that have increasing coupon rates. Also, when investors shy away from REITs, it makes it difficult for management to raise additional funds to acquire more property. The first REIT in Kenya

432-581: A Bantu cultural core. DNA evidence has found that the Swahili people were of mixed African and Asian (particularly Persian) ancestry. The Kilwa Sultanate was a medieval sultanate centred at Kilwa , in modern-day Tanzania. At its height, its authority stretched over the entire length of the Swahili Coast , including Kenya. Since the 10th century, rulers of Kilwa would go on to build elaborate coral mosques and introduce copper coinage. Swahili,

576-566: A Bantu language with Arabic , Persian , and other Middle-Eastern and South Asian loanwords , later developed as a lingua franca for trade between the different peoples. Since the turn of the 20th century, Swahili has adopted numerous loanwords and calques from English, many of them originating during English colonial rule. The Swahili built Mombasa into a major port city and established trade links with other nearby city-states, as well as commercial centres in Persia, Arabia, and even India. By

720-593: A business income. In Sweden , the Investment Savings Account (ISK – Investeringssparkonto ) was introduced in 2012 in response to a decision by Parliament to stimulate saving in funds and equities. There is no tax on capital gains in ISKs; instead, the saver pays an annual standard low rate of tax. Fund savers nowadays mainly choose to save in funds via investment savings accounts. Capital gains taxes are payable on most valuable items or assets sold at

864-544: A collaboration with local authorities, Emirates REIT has been able to establish a platform enabling it to purchase properties anywhere in Dubai given a minimum of 51% of local ownership of its shares. This allows the company to diversify its portfolio with an efficient revenue generating mix of properties in the prime locations of Dubai. Emirates REIT is the first REIT established within the United Arab Emirates. It

1008-596: A colonist's perspective is found in the memoir Out of Africa by Danish author Baroness Karen von Blixen-Finecke, published in 1937. By the 1930s, approximately 30,000 white settlers lived in the area and gained a political voice because of their contribution to the market economy. The central highlands were already home to over a million members of the Kikuyu people, most of whom had no land claims in European terms and lived as itinerant farmers. To protect their interests,

1152-399: A cost of selling which can be greater than, for example, transaction costs or provisions . The literature provides information that barriers for trading negatively affects the investors' willingness to trade, which in turn can change assets prices. Companies with tax-sensitive customers are particularly reactive to capital gains tax and its change. CGT and changes to it affect trading and

1296-579: A distinct asset class in the Global Industry Classification Standard by S&P Dow Jones Indices and MSCI . The key statistics to examine the financial position and operation of a REIT include net asset value (NAV), funds from operations (FFO), and adjusted funds from operations (AFFO). REITs were created in the United States after President Dwight D. Eisenhower signed Public Law 86-779, sometimes called

1440-501: A general rule can be disregarded for CGT purposes when assets were acquired before 20 September 1985 (pre-CGT). Austria taxes capital gains at 25% (on checking account and "Sparbuch" interest) or 27.5% (all other types of capital gains). There is an exception for capital gains from the sale of shares of foreign entities (with opaque taxation) if the participation exceeds 10% and shares are held for over one year (so-called "Schachtelprivileg"). In Belarus , capital gains are included in

1584-541: A great amount of land, in the plains where people did not put up much resistance. The Nandi peoples managed to oppose the Masai, while the Taveta peoples fled to the forests on the eastern edge of Mount Kilimanjaro , although they later were forced to leave the land due to the threat of smallpox . An outbreak of either rinderpest or pleuropneumonia greatly affected the Masai's cattle, while an epidemic of smallpox affected

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1728-502: A month (and not operating in day trading), the financial operation is considered tax-free. Also, non-residents have no tax on capital gains. The Corporate tax rate is 10%. The personal tax rate is flat at 10%. There is no capital gains tax on equity instruments traded on the BSE. A Capital Gains tax was first introduced in Canada by Pierre Trudeau and his finance minister Edgar Benson in

1872-416: A profit. Antiques, shares , precious metals and second homes could be all subject to the tax if the profit is large enough. This lower boundary of profit is set by the government. If the profit is lower than this limit it is tax-free . The profit is in most cases the difference between the amount (or value) an asset is sold for and the amount it was bought for. The tax rate on capital gains may depend on

2016-405: A security that has increased in value may be less likely to sell it. The seller knows that when sold, tax is levied on the positive difference of the price at which the security was bought and the price at sale. If the seller chooses not to sell, the tax is postponed to later date. Postponing allows more time for the security to grow in value and generate returns. If the seller delays the sale, though

2160-412: A small business's income is derived from specified investment business activities (which include income from capital gains) they are not permitted to claim the small business deduction. Capital gains earned on income in a Registered Retirement Savings Plan are not taxed at the time the gain is realized (i.e., when the holder sells a stock that has appreciated inside of their RRSP) but they are taxed when

2304-477: A subsequent regime lowers the capital gains tax rate." A capital tax influences an open economy in many ways. The international capital market that has hugely developed in the past few decades (in the 2nd half of the 20th century) is helping countries to deal with some gaps between investments and savings . Funds for borrowing money from abroad are helping to decrease the difference between domestic savings and domestic investments. Borrowing money from foreigners

2448-542: A survey of 2,000 Minnesota households, the authors found that having capital gains increased the time individuals spent on paying taxes by 7.9 hours, increased the money they spent on professional tax assistance by about $ 21, and increased the total cost of compliance by $ 143 per taxpayer (not adjusted for inflation) per year. Altogether the study concludes that very few studies measure compliance costs associated with capital gains tax, but those few that do clearly indicate that compliance costs are not insignificant. Therefore,

2592-420: A total market capitalisation of €700 million. As of August 2014, India approved creation of real estate investment trusts in the country. Indian REITs (country specific/generic version I-REITs) will help individual investors enjoy the benefits of owning an interest in the securitised real estate market. The greatest benefit will be that of fast and easy liquidation of investments in the real estate market unlike

2736-422: A unique data set of shareholder information from the 1989 leveraged buyout of RJR Nabisco . The study estimates that a one percentage-point increase in the marginal tax rate on capital gains is associated with a 0.42% increase in evasion (amounting to a 0.58% increase in tax collected). In addition, the authors find that the average level of evasion was 11% of the total capital gains. In Albania , capital gains on

2880-605: Is 10%, with the exception of lottery or gambling winnings, which are taxed at 20%. The capital gains tax in Croatia is 10%. It was introduced in 2015 at a rate of 12% and reduced to 10% in 2021. Capital Gains Tax (CGT) is imposed at the rate of 20% on: Kenya Kenya , officially the Republic of Kenya ( Swahili : Jamhuri ya Kenya ), is a country in East Africa . With a population of more than 47.6 million in

3024-501: Is also the first REIT listed on NASDAQ Dubai and one of the five Shari'a compliant REIT in the world with a focus on Income-producing assets. Emirates REIT has a portfolio of over US$ 575.3 million consisting of a total of seven properties primarily focused on commercial and office space as of December 2014. It has had substantial growth over the last four years. The REIT concept was launched in Australia in 1971. General Property Trust

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3168-435: Is easy to show that to be willing to sell now the investor must believe that the stock price will go down permanently. Thus, a capital gains tax can create a potentially large barrier to selling. Of course, the foregoing calculation ignores the possibility that there might be another taxtiming option: Given capital gains tax rates fluctuate over time, it might be worthwhile to time the realization of capital gains and wait until

3312-413: Is exempted from PIT, but is subject to PIT with standard terms for every subsequent disposal of a vehicle. Income derived from the disposal of shares in a statutory capital of a Belarusian company is exempted from PIT as long as the taxpayer was in possession of these shares for a continuous period of no less than three years. Income derived from the sale of securities is subject to PIT in compliance with

3456-420: Is not separate in its own right, but forms part of the income-tax system. The proceeds of an asset sold less its "cost base" (the original cost plus additions for cost price increases over time) are the capital gain. Discounts and other concessions apply to certain taxpayers in varying circumstances. Capital gains tax is collected from assets anywhere in the world, not only in Australia. Capital gains tax (CGT)

3600-834: Is now Kenya and southwestern Somalia, from 1889 to 1907. Other important cities include Kisumu and Nakuru . Kenya is bordered by South Sudan to the northwest, Ethiopia to the north, Somalia to the east, Uganda to the west, Tanzania to the south, and the Indian Ocean to the southeast. Kenya's geography , climate and population vary widely, ranging from cold snow-capped mountaintops (Batian, Nelion and Point Lenana on Mount Kenya ) with vast surrounding forests, wildlife and fertile agricultural regions to temperate climates in western and rift valley counties and further on to dry less fertile arid and semi-arid areas and absolute deserts ( Chalbi Desert and Nyiri Desert ). Kenya's earliest inhabitants were hunter-gatherers , like

3744-574: Is political resistance to these plans, especially from the Social Democratic Party . In June 2006 the ministry of finance announced that they planned to introduce REITs in 2007. The legal details seem to adopt much of the British REIT regulation. Capital gains tax A capital gains tax ( CGT ) is the tax on profits realized on the sale of a non-inventory asset . The most common capital gains are realized from

3888-654: Is proposing a regulatory framework similar to that of Singapore and Hong Kong. The Securities and Exchange Commission of Pakistan expected that about six REITs would be licensed within the first year, mainly large asset management companies. Pakistan has seen an outflow of investments by foreign real estate development companies, mostly based in Malaysia and Dubai. SECP has issued licenses to four parties namely, Arif Habib REIT Management Company, AKD REIT Management Company, Eden Developers REIT Management Company and SB Global REIT Management Company. The legal framework enabling

4032-433: Is rising when the capital that flows to another country is taxed. This tax, however, does not influence domestic investment. In the long run , the country that has borrowed some money and has a debt , usually has to pay this debt for example by exporting some products abroad. It affects the standard of living in this country. That is also why "the foreign capital is not a perfect substitute for domestic savings." In 1982,

4176-515: Is silent on the treatment of capital gains derived by QFIIs on the trading of A-shares. It is generally accepted that Circular 47 is intentionally silent on capital gains and a possible indication that SAT is considering, but still undecided on, whether to grant tax exemption or other concessionary treatment to capital gains derived by QFIIs. Nevertheless, it is noted that there have been cases where QFIIs withdraw capital from China after paying 10% withholding tax on gains derived through share trading over

4320-621: Is somewhat contradictory with the basic principles of double taxation treaty. The only tax circular specifically addressing the PRC income tax treatment of income derived by QFIIs from the holding and trading of Chinese securities is Guo Shui Han (2009) No.47 ("Circular 47") issued by the State Administration of Taxation ("SAT") on 23 January 2009. The circular addresses the withholding tax treatment of dividends and interest received by QFIIs from PRC resident companies, however, circular 47

4464-534: Is the largest SIIC. Gecina is the second-largest publicly traded property company in France, with the third-highest asset value among European REITs. Germany planned to introduce REITs in order to create a new type of real estate investment vehicle . The Government feared that failing to introduce REITs in Germany would result in a significant loss of investment capital to other countries. Nonetheless, there still

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4608-406: Is the levy applied to profits from selling your assets. Despite its designation as ‘capital gains tax,’ it is not a standalone tax but rather a constituent part of Australia’s income tax. When you sell assets (typically upon ceasing ownership), a CGT event is triggered, and you must disclose capital gains and losses in your income tax return. From 21 September 1999, after a report by Alan Reynolds ,

4752-538: Is the second largest in eastern and central Africa, after Ethiopia, with Nairobi serving as a major regional commercial hub. Agriculture is the largest sector; tea and coffee are traditional cash crops, while fresh flowers are a fast-growing export. The service industry is also a major economic driver, particularly tourism. Kenya is a member of the East African Community trade bloc, though some international trade organisations categorise it as part of

4896-460: The 1971 Canadian federal budget . Some exceptions apply, such as selling one's primary residence which may be exempt from taxation. Capital gains made by investments in a Tax-Free Savings Account (TFSA) are not taxed. Since the 2013 budget , interest can no longer be claimed as a capital gain. The formula is the same for capital losses and these can be carried forward indefinitely to offset future years' capital gains; capital losses not used in

5040-431: The 2007–2008 financial crisis , after which listed REITs responded by deleveraging (paying off debt) and re-equitizing (selling stock to get cash) their balance sheets. Listed REITs and REOCs raised $ 37.5 billion in 91 secondary equity offerings, nine IPOs and 37 unsecured debt offerings as investors continued to act favorably to companies strengthening their balance sheets following the credit crisis. REIT dividends have

5184-568: The Council of Economic Advisers under President Reagan has claimed that the effect is so large that reducing the capital gains tax would lead individuals to sell securities that they previously had refused to sell, to such an extent that government revenues would actually increase. 1994 estimates suggest that a permanent reduction in the capital gains tax rate would have little effect. With collecting of any type of tax come administrative costs associated with collecting, administering and managing

5328-625: The EPRA index , an index published by the European Public Real Estate Association (EPRA). The current top five REITs in Hong Kong are The Link REIT with a total market capitalisation of €8 billion, Hui Xian REIT with a total market capitalisation of €2.3 billion, Champion REIT with a total market capitalisation of €1.8 billion, Fortune REIT with a total market capitalisation of €1 billion and Real Estate with

5472-540: The Greater Horn of Africa . Africa is Kenya's largest export market, followed by the European Union. The Republic of Kenya is named after Mount Kenya . The earliest recorded version of the modern name was written by German explorer Johann Ludwig Krapf in the 19th century. While travelling with a Kamba caravan led by the long-distance trader Chief Kivoi , Krapf spotted the mountain peak and asked what it

5616-638: The Kalenjin , Samburu , Luo , Turkana , and Maasai . By the first millennium AD, Bantu -speaking farmers had moved into the region, initially along the coast. The Bantus originated in West Africa along the Benue River in what is now eastern Nigeria and western Cameroon . The Bantu migration brought new developments in agriculture and ironworking to the region. Bantu groups in Kenya include

5760-606: The Kikuyu , Luhya , Kamba , Kisii , Meru , Kuria , Aembu , Ambeere , Wadawida -Watuweta, Wapokomo, and Mijikenda , among others. Notable prehistoric sites in the interior of Kenya include the (possibly archaeoastronomical) site Namoratunga on the west side of Lake Turkana and the walled settlement of Thimlich Ohinga in Migori County . The Kenyan coast had served as host to communities of ironworkers and Bantu subsistence farmers, hunters, and fishers who supported

5904-639: The Ming Dynasty , visited the East African coast on one of his last ' treasure voyages '. Malindi authorities also welcomed the Portuguese explorer Vasco da Gama in 1498. During the 18th and 19th century C.E, the Masai people moved into central and southern Rift Valley plains of Kenya, from a region north of Lake Rudolf (now Lake Turkana ). Although there were not many, they managed to conquer

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6048-524: The Pleistocene epoch. During excavations at Lake Turkana in 1984, palaeoanthropologist Richard Leakey , assisted by Kamoya Kimeu , discovered the Turkana Boy , a 1.6-million-year-old Homo erectus fossil. East Africa, including Kenya, is one of the earliest regions where modern humans ( Homo sapiens ) are believed to have lived. Evidence was found in 2018, dating to about 320,000 years ago, of

6192-707: The Somali Republic to the north. A ceasefire was eventually reached with the signing of the Arusha Memorandum in October 1967, but relative insecurity prevailed through 1969. To discourage further invasions, Kenya signed a defence pact with Ethiopia in 1969, which is still in effect. On 12 December 1964, the Republic of Kenya was proclaimed, and Jomo Kenyatta became Kenya's first president. Under Kenyatta, corruption became widespread throughout

6336-437: The initial public offering (IPO) price. Hong Kong issuers' use of financial engineering ( interest rate swaps ) to improve initial yields has also been cited as having reduced investors' interest As of July 2012 there are nine REITs listed with a total market capitalisation of approximately €15 billion which amounts to almost 2% of the total global REIT market capitalisation. Two out of the nine listed REITs are also included in

6480-457: The "Law on Real Estate Funds" (Kiinteistörahastolaki, 1173–1997) it enables the existence of tax-efficient residential REITs. Qualifications As of 2018 Orava Residential REIT is the only REIT in Finland. The French acronyms for REIT are SIIC (publicly listed), contrary to SCPI and OCPI (which are two other kinds of real-estate trusts not publicly listed). In France , Unibail-Rodamco

6624-410: The 15th century, Portuguese voyager Duarte Barbosa claimed that "Mombasa is a place of great traffic and has a good harbour in which there are always moored small craft of many kinds and also great ships, both of which are bound from Sofala and others which come from Cambay and Melinde and others which sail to the island of Zanzibar." In the 17th century, the Swahili coast was conquered and came under

6768-470: The 1963 independence constitution with a new one. As a result, the elections of 2007 took place following the procedure set by the old constitution. Kibaki was reelected in highly contested elections marred by political and ethnic violence . The main opposition leader, Raila Odinga, claimed the election was rigged and that he was the rightfully elected president. In the ensuing violence, 1,500 people were killed and another 600,000 internally displaced, making it

6912-415: The 2002 elections. Moi's plan to be replaced by Uhuru Kenyatta failed, and Mwai Kibaki , running for the opposition coalition "National Rainbow Coalition" ( NARC ), was elected president. David Anderson (2003) reports the elections were judged free and fair by local and international observers, and seemed to mark a turning point in Kenya's democratic evolution. In 2005, Kenyans rejected a plan to replace

7056-550: The 2019 census, Kenya is the 28th-most-populous country in the world and 7th most populous in Africa. Kenya's capital and largest city is Nairobi , while its oldest and second-largest city, is the major port city of Mombasa , situated on Mombasa Island in the Indian Ocean and the surrounding mainland. Mombasa was the capital of the British East Africa Protectorate , which included most of what

7200-401: The 50% capital gains tax discount has been in place for individuals and for some trusts that acquired the asset after that time and that have held the asset for more than 12 months, however the tax is levied without any adjustment to the cost base for inflation. The amount left after applying the discount is added to the assessable income of the taxpayer for that financial year. For individuals,

7344-948: The ASX, with market capitalization in excess of A$ 100bn. Australia is also receiving growing recognition as having the world's largest REITs market outside the United States. More than 12 percent of global listed property trusts can be found on the ASX. REITs have been in existence in Hong Kong since 2005, when The Link REIT was launched by the Hong Kong Housing Authority on behalf of the Hong Kong Government. Since 2005, there have been seven REIT listings as at July 2007, most of which, including Sunlight REIT have not enjoyed success because of low yield. Except for The Link and Regal Real Estate Investment Trust , share prices of all but one are significantly below

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7488-739: The Air Force. It was quickly suppressed by forces commanded by Chief of General Staff Mahamoud Mohamed , a veteran Somali military official. They included the General Service Unit (GSU)—a paramilitary wing of the police—and later the regular police. On the heels of the Garissa Massacre of 1980, Kenyan troops committed the Wagalla massacre in 1984 against thousands of civilians in Wajir County . An official probe into

7632-511: The Cigar Excise Tax Extension of 1960. The law was enacted to allow all investors to invest in large-scale, diversified portfolios of income-producing real estate in the same way they typically invest in other asset classes – through the purchase and sale of liquid securities . The first REIT was American Realty Trust founded by Thomas J. Broyhill, cousin of Virginia U.S. Congressman Joel Broyhill in 1961 who pushed for

7776-682: The DIFC. The first REIT license to be issued will be backed by Dubai Islamic Bank with a REIT named 'Emirates REIT' headed up by the dot com entrepreneur, Sylvain Vieujot. The issue is that DIFC domiciled REITs cannot acquire non-Freezone assets within the Emirate of Dubai. The only federally approved Freezone within the UAE is the DIFC itself so therefore any properties outside this zone are purchasable by local Gulf (GCC) passport holders only. However, through

7920-513: The Embu call it "Kirinyaa". All three names have the same meaning. Ludwig Krapf recorded the name as both Kenia and Kegnia . Some have said that this was a precise notation of the African pronunciation / ˈ k ɛ n j ə / . An 1882 map drawn by Joseph Thompsons, a Scottish geologist and naturalist, indicated Mt. Kenya as Mt. Kenia. The mountain's name was accepted, pars pro toto , as

8064-618: The Enterprise Income Tax Law. Non-resident enterprises will be taxed at 10% on capital gains in accordance with the Implementing Regulations to the Enterprise Income Tax Law. In practice, where a resident of a treaty partner alienates assets situated in China as part of its ordinary course of business the gains so derived will likely be assessed as if it is a capital gain, rather than business profit. This

8208-522: The Masai themselves. After the death of the Masai Mbatian , the chief laibon (medicine man), the Masai split into warring factions. The Masai caused much strife in the areas they conquered; however, cooperation between such groups as the Luo people , Luhya people , and Gusii people is evidenced by shared vocabulary for modern implements and similar economic regimes. Although Arab traders remained in

8352-825: The Protectorate of Kenya so that all of Kenya would become one sovereign state. In this way, Kenya became an independent country under the Kenya Independence Act 1963 of the United Kingdom. On 12 December 1964, Kenya became a republic under the name "Republic of Kenya". Concurrently, the Kenyan army fought the Shifta War against ethnic Somali rebels inhabiting the Northern Frontier District who wanted to join their kin in

8496-627: The Saudi Capital Market Authority, The regulation did not allow the funds to be traded in the stock market and forced all funds to be structured by a licensed Investment companies by CMA with a presence of a real estate developer and some other key persons. The REIT legislation was introduced by Dubai International Financial Centre (DIFC) to promote the development of REIT's in the UAE by passing The Investment Trust Law No.5 that went into effect on August 6, 2006. This restricts all 'true' REIT structures to be domiciled within

8640-550: The Singapore Exchange has grown to overtake those traditional listing with local assets. S-REITs are regulated as Collective Investment Schemes under the Monetary Authority of Singapore's Code on Collective Investment Schemes, or alternatively as Business Trusts. Some of the regulations that S-REITs have to adhere to includes: S-REITs benefit from tax advantaged status where the tax is payable only at

8784-579: The Special Purpose Investment Companies Act. They are pass-through entities for corporate income tax purposes (i.e., they are not subject to corporate income-tax), but are subject to numerous restrictions. Finnish REITs were established in 2010, when the Finnish parliament passed "the tax exemption law" (Laki eräiden asuntojen vuokraustoimintaa harjoittavien osakeyhtiöiden verohuojennuksesta, 299/2009). Together with

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8928-524: The Tax Code. The capital gains tax rate in Belarus is 18% for disposal of stocks/shares. Under the participation exemption, capital gains realised by a Belgian resident company on shares in a Belgian or foreign company are fully exempt from corporate income tax, provided that the dividends on the shares qualify for the participation exemption. For purposes of the participation exemption for capital gains

9072-561: The UK and the colony led to the Mau Mau revolution , which began in 1952, and the declaration of independence in 1963. After independence, Kenya remained a member of the Commonwealth of Nations . The current constitution was adopted in 2010 and replaced the 1963 independence constitution . Kenya is a presidential representative democratic republic, in which elected officials represent

9216-466: The UK is currently £3,000 for an individual and double (£6,000) for a married couple or in a civil partnership. For equities , national and state legislation often has a large array of fiscal obligations that must be respected regarding capital gains. Taxes are charged by the state over the transactions, dividends and capital gains on the stock market . However, these fiscal obligations may vary from jurisdiction to jurisdiction. The CGT can be considered

9360-473: The United Kingdom. Kenya itself was the site of fighting between Allied forces and Italian troops in 1940–41, when Italian forces invaded. Wajir and Malindi were bombed as well. From October 1952 to December 1959, Kenya was in a state of emergency arising from the Mau Mau rebellion against British rule. The Mau Mau, also known as the Kenya Land and Freedom Army, were primarily Kikuyu people. During

9504-415: The United States was the world's greatest creditor ; however it went from this stage to being the greatest debtor in the world in four years. In 1982, the U.S. owned $ 147 billion of assets that were excess over and above the value of U.S. assets owned by foreigners. In 1986, this value inverted to negative $ 250 billion. Because capital gains are taxed only upon realization, an individual who owns

9648-463: The absolute value of the tax is greater than if they had not delayed, the present discounted value of the tax is reduced; thus allowing the security to grow undoes the tax. Therefore, the seller has an incentive to hold the securities longer than they would have without capital gains tax. This distortion has been called the locked-in effect or lock-in effect. Martin Feldstein , former chairman of

9792-466: The area, trade routes were disrupted by the hostile Masai, though there was trade in ivory between these factions. The first foreigners to successfully get past the Masai were Johann Ludwig Krapf and Johannes Rebmann , two German missionaries who established a mission in Rabai , not too far from Mombasa . The pair were the first Europeans to sight Mount Kenya . The colonial history of Kenya dates from

9936-598: The article by stating the cost of the stability in terms of human rights abuses. The opposition party started by Oginga Odinga — Kenya People's Union (KPU)—was banned in 1969 after the Kisumu Massacre and KPU leaders were still in detention without trial in gross violation of the U.N. Declaration of Human Rights . The Kenya Students Union, Jehovah Witnesses and all opposition parties were outlawed. Kenyatta ruled until his death on 22 August 1978. After Kenyatta died, Daniel arap Moi became president. He retained

10080-453: The atrocities was later ordered in 2011. The election held in 1988 saw the advent of the mlolongo (queuing) system, where voters were supposed to line up behind their favoured candidates instead of casting a secret ballot. This was seen as the climax of a very undemocratic regime and led to widespread agitation for constitutional reform. Several contentious clauses, including the one that allowed for only one political party, were changed in

10224-475: The beginning of the end of Moi's leadership and the rule of KANU. Moi retained the presidency and George Saitoti became vice president. Although it held on to power, KANU won 100 seats and lost 88 seats to the six opposition parties. The 1992 elections marked the beginning of multiparty politics after more than 25 years of KANU rule. Following skirmishes in the aftermath of the elections, 5,000 people were killed and another 75,000 displaced from their homes. In

10368-573: The bulk of the skilled labour required for construction. They and most of their descendants later remained in Kenya and formed the core of several distinct Indian communities, such as the Ismaili Muslim and Sikh communities. While building the railway through Tsavo , a number of the Indian railway workers and local African labourers were attacked by two lions known as the Tsavo maneaters . At

10512-546: The centuries, the Kenyan coast has played host to many merchants and explorers. Among the cities that line the Kenyan coast is Malindi. It has remained an important Swahili settlement since the 14th century and once rivalled Mombasa for dominance in the African Great Lakes region. Malindi has traditionally been a friendly port city for foreign powers. In 1414, the Chinese trader and explorer Zheng He , representing

10656-585: The coast and the interior between 250 BC and 500 AD. European contact began in 1500 AD with the Portuguese Empire , and effective colonisation of Kenya began in the 19th century during the European exploration of Africa . Modern-day Kenya emerged from a protectorate established by the British Empire in 1895 and the subsequent Kenya Colony , which began in 1920. Numerous disputes between

10800-614: The coastal hotel business, with Kenyatta personally owning the Leonard Beach Hotel. Kenyatta's mixed legacy was highlighted at the 10-year anniversary of Kenya's independence. A December 1973 article in The New York Times praised Kenyatta's leadership and Kenya for emerging as a model of pragmatism and conservatism. Kenya's GDP had increased at an annual rate of 6.6%, higher than the population growth rate of more than 3%. But Amnesty International responded to

10944-614: The collection of capital gains taxes. These costs are directly incurred by governments that collect taxes, and ultimately its citizens. Unfortunately, no studies (at least that Fraser Institute researchers knew of in 2007) specifically analyze the costs associated with capital gains taxes. Canadian researcher Francois Vailancourt in 1989 examines the administrative costs associated with personal income taxes and two payroll taxes (CPP/QPP and UI). The costs include processing costs, administration and accommodation costs, capital expenses, and litigation costs. These costs represented roughly 1% of

11088-606: The colonial administration's crackdown, over 11,000 freedom fighters had been killed, along with 100 British troops and 2,000 Kenyan loyalist soldiers. War crimes were committed on both sides of the conflict, including the publicised Lari massacre and the Hola massacre . The governor requested and obtained British and African troops, including the King's African Rifles . The British began counter-insurgency operations. In May 1953, General Sir George Erskine took charge as commander-in-chief of

11232-847: The colony's armed forces, with the personal backing of Winston Churchill . The capture of Waruhiu Itote (nom de guerre "General China" ) on 15 January 1954 and the subsequent interrogation led to a better understanding of the Mau Mau command structure for the British. Operation Anvil opened on 24 April 1954, after weeks of planning by the army with the approval of the War Council. The operation effectively placed Nairobi under military siege. Nairobi's occupants were screened and suspected Mau Mau supporters moved to detention camps. More than 80,000 Kikuyu were held in detention camps without trial, often subject to brutal treatment. The Home Guard formed

11376-430: The constitution to allow Moi to remain president for another term. Subsequently, Moi stood for reelection and won a 5th term in 1997. His win was strongly criticised by his major opponents, Kibaki and Odinga , as fraudulent. Following this win, Moi was constitutionally barred from another presidential term. Beginning in 1998, he attempted to influence the country's succession politics to have Uhuru Kenyatta elected in

11520-524: The core of the government's strategy as it was composed of loyalist Africans, not foreign forces such as the British Army and King's African Rifles. The capture of Dedan Kimathi on 21 October 1956 in Nyeri signified the ultimate defeat of the Mau Mau and essentially ended the military offensive. During this period, substantial governmental changes to land tenure occurred. The most important of these

11664-453: The costs must be taken into consideration when assessing tax policy. Capital gains taxes have also led some taxpayers to evade the payment of the tax. The level of tax evasion is the extent to which actual tax revenue collected by government differs from that which would have been collected if every taxpayer paid exactly what is required by law. Tax evasion has important implications for the efficiency of taxes, since resources spent on evading

11808-479: The country. The building of the railway was resisted by some ethnic groups—notably the Nandi , led by Orkoiyot Koitalel Arap Samoei from 1890 to 1900—but the British eventually built it. The Nandi were the first ethnic group to be put in a native reserve to stop them from disrupting the building of the railway. During the railway construction era, there was a significant influx of Indian workers, who provided

11952-512: The creation under Eisenhower. As of 2021, at least 39 countries around the world have established REITs. A comprehensive index for the REIT and the global listed property market is the FTSE EPRA/Nareit Global Real Estate Index Series, which was created jointly in October 2001 by the index provider FTSE Group, Nareit and the European Public Real Estate Association (EPRA). As of 29 January 2021,

12096-519: The current stage, taxes are 15% for transactions longer than one-day-old and 20% for day trading, both transactions are due payable at the following month after selling or closing the position. Dividends are tax free, since the issuer company has already paid to RECEITA FEDERAL (the Brazilian tax office). Derivatives (futures and options) follow the same rules for tax purposes as company stocks. When selling less than R$ 20.000 ( Brazilian Reais ) within

12240-636: The current year can also be carried back to the previous three tax years to offset capital gains tax paid in those years. If one's income is primarily derived from capital gains then it may not qualify for the 50% multiplier and will instead be taxed at the full income tax rate. CRA has a number of criteria to determine whether this will be the case. For corporations as for individuals, 50% of realized capital gains are taxable. The net taxable capital gains (which can be calculated as 50% of total capital gains minus 50% of total capital losses) are subject to income tax at normal corporate tax rates. If more than 50% of

12384-467: The deemed disposition when emigrating out of Canada or inheritance by a non-spouse. In 2022, with price levels surging, some economists have argued that the capital gain tax should be adjusted for inflation, saying that without such adjustment, it taxes "fictional gains", which discourages investment. The applicable tax rate for capital gains in China depends upon the nature of the taxpayer (i.e. whether

12528-588: The direct rule of the Omani Arabs , who expanded the slave trade to meet the demands of plantations in Oman and Zanzibar . Initially, these traders came mainly from Oman, but later many came from Zanzibar (such as Tippu Tip ). In addition, the Portuguese started buying slaves from the Omani and Zanzibari traders in response to the interruption of the transatlantic slave trade by British abolitionists. Throughout

12672-441: The early emergence of modern behaviours , including long-distance trade networks (involving goods such as obsidian), the use of pigments, and the possible making of projectile points. The authors of three 2018 studies on the site suggest that complex and modern behaviours had already begun in Africa around the time of the emergence of Homo sapiens . The first inhabitants of present-day Kenya were hunter-gatherer groups, akin to

12816-411: The economy with agriculture, fishing, metal production, and trade with foreign countries. These communities formed the earliest city-states in the region, which were collectively known as Azania . By the 1st century CE, many of the city-states such as Mombasa , Malindi , and Zanzibar began to establish trading relations with Arabs . This led to the increased economic growth of the Swahili states,

12960-746: The establishment of REITs in December 2001. J-REIT securities are traded on the Tokyo Stock Exchange among other exchanges in Japan. A J-REIT (a listed real estate investment trust) is strictly regulated under the Law concerning Investment Trusts and Investment Companies (LITIC) and established as an investment company under the LITIC. In addition to REITs, Japanese law also provides for a parallel system of special purpose companies which can be used for

13104-666: The establishment of REITs in the Philippines have been in place after the Real Estate Investment Trust Act of 2009 (Republic Act No. 9856) passed into law on December 17, 2009. Its Implementing Rules and Regulations were approved by the Securities and Exchange Commission in May 2010. However, it failed to attract investors due to its restrictive tax policies and high friction cost. Regulations on REITs

13248-710: The establishment of a German Empire protectorate over the Sultan of Zanzibar 's coastal possessions in 1885, followed by the arrival of the Imperial British East Africa Company in 1888. Imperial rivalry was prevented by the Heligoland–Zanzibar Treaty , Germany handed its East African coastal holdings to Britain in 1890. The transfer by Germany to Britain was followed by the building of the Uganda Railway passing through

13392-591: The first REIT in Ghana in August 1994. HFC Bank has been at the forefront of mortgage financing in Ghana since 1993. It has used various collective investment schemes as well as corporate bonds to finance its mortgage lending activities. Collective Investment Schemes, of which REITs are a part, are regulated by the Securities and Exchange Commission of Ghana. In 2007, the Securities and Exchange Commission (SEC) issued

13536-759: The first set of guidelines for the registration and issuance of requirements for the operation of REITs in Nigeria as detailed in the Investment and Securities Act (ISA). The first REIT, the N50 billion Union Homes Hybrid Real Estate Investment Trust, was launched in September 2008. In November 2015 there were three listed REITS on the Nigerian Stock Exchange : Skye Shelter Fund, Union Home and UPDC. A Haldane McCall REIT did not list after failing to reach

13680-431: The following years. In 1991, Kenya transitioned to a multiparty political system after 26 years of single-party rule. On 28 October 1992, Moi dissolved parliament, five months before the end of his term. As a result, preparations began for all elective seats in parliament as well as the president. The election was scheduled to take place on 7 December 1992, but delays led to its postponement to 29 December. Apart from KANU,

13824-425: The funds are withdrawn from the registered plan (usually after being converted to a Registered Income Fund at the age of 71.) These gains are then taxed at the individual's full marginal rate. Capital gains earned on income in a TFSA are not taxed at the time the gain is realized. Any money withdrawn from a TFSA, including capital gains, are also not taxed. Unrealized capital gains are generally not taxed, except for

13968-817: The global index included 490 stock exchange listed real estate companies from 39 countries representing an equity market capitalization of about $ 1.7 trillion. Around the time of their creation in 1960, the first REITs primarily consisted of mortgage companies. The industry experienced significant expansion in the late 1960s and early 1970s. The growth primarily resulted from the increased use of mREITs in land development and construction deals. The Tax Reform Act of 1976 authorized REITs to be established as corporations in addition to business trusts . The Tax Reform Act of 1986 also impacted REITs. The legislation included new rules designed to prevent taxpayers from using partnerships to shelter their earnings from other sources. Three years later, REITs witnessed significant losses in

14112-515: The government, civil service, and business community. Kenyatta and his family were tied up with this corruption as they enriched themselves through the mass purchase of property after 1963. Their acquisitions in the Central, Rift Valley, and Coast Provinces aroused great anger among landless Kenyans. His family used his presidential position to circumvent legal or administrative obstacles to acquiring property. The Kenyatta family also heavily invested in

14256-561: The gross revenues collected by these three tax sources. The paper does not show exactly what costs are incurred by capital gains tax. Tax compliance costs are incurred when fulfilling the recording and filing requirements associated with paying a tax. These costs include such expenses as bookkeeping, reporting, calculating, and remitting tax payments. A study from 1992, which may be outdated due to technological advancements, found that American taxpayers who received capital gains income incurred higher compliance costs than those who did not. From

14400-518: The introduction of Islam , Arabic influences on the Swahili Bantu language , cultural diffusion , as well as the Swahili city-states becoming members of a larger trade network. Many historians had long believed that the city-states were established by Arab or Persian traders, but archaeological evidence has led scholars to recognise the city-states as an indigenous development which, though subjected to foreign influence due to trade, retained

14544-455: The investor level and not at the REITs level. In addition to REITs, there are ten Business Trusts ("BTs") (similar to REITs but may hold assets that are not conventional and are not subjected to stringent rules as compared to SREITs), and six Stapled Instruments (composed of a stapled Business Trust Unit and a REIT unit), which are listed on the Singapore Exchange. The total market capitalisation of

14688-606: The land, capturing British supplies, and remaining undefeated. He eventually surrendered in Northern Rhodesia (today Zambia) 14 days after the Armistice was signed in 1918. To chase von Lettow, the British deployed the British Indian Army troops from India but needed large numbers of porters to overcome the formidable logistics of transporting supplies far into the interior on foot. The Carrier Corps

14832-694: The landscape of China's Real Estate Investment Trusts (REITs) saw a significant advancement with the listing of Huaxia Jinmao Commercial REITs (508017) and Jiashi Wumei Consumer REITs (508011) on the Shanghai Stock Exchange on March 12, followed by Huaxia China Resources Commercial REITs (180601) on the Shenzhen Stock Exchange on March 14. According to statistics from the Shanghai Stock Exchange, listing these two consumer infrastructure REITs has increased

14976-468: The latest REIT, Cromwell European REIT, listed on 30 November 2017. The first one to be set up being CapitaMall Trust in July 2002. They represent a range of property sectors including retail, office, industrial, hospitality and residential. S-REITs hold a variety of properties in countries including Japan, China, Indonesia and Hong Kong, in addition to local properties. In recent years, foreign assets listing on

15120-486: The listed Trust on Singapore Exchange approximate SGD 100 billion (as at 30 Nov 17). The Securities and Exchange Commission created regulations to establish REITs as an investment vehicle in late 2012, opening the doors for the first REITs to be listed in 2013. There are at least two tens of REITS. Introduced in 2014 to replace the Property Funds for Public Offering (PFPO) scheme, REITs have gained popularity, and

15264-446: The loss incurred in connection with the liquidation of a subsidiary company remains deductible up to the amount of the paid-up share capital. Other capital gains are taxed at the ordinary rate. If the total amount of sales is used for the purchase of depreciable fixed assets within 3 years, the taxation of the capital gains will be spread over the depreciable period of these assets. Capital gain taxes are only paid on realized gains. At

15408-577: The minimum 50% subscription in a January 2015 initial public offer amid poor market prospects. By October 2015 there were 33 South African REITS and three non-South African REITs listed on the Johannesburg Stock Exchange , according to the SA REIT Association, which said market capitalization was more than R455 billion. Commonly referred to as Real Estate Investment Fund, the regulations were launched in July 2006 by

15552-526: The minimum participation test is not required. Unrealised capital gains on shares that are recognised in the financial statements (which recognition is not mandatory) are taxable. But a roll-over relief is granted if, and as long as, the gain is booked in a separate reserve account on the balance sheet and is not used for distribution or allocation of any kind. As a counterpart to the new exemption of realised capital gains, capital losses on shares, both realised and unrealised, are no longer tax deductible. However,

15696-636: The modern Khoisan speakers. These people were later largely replaced by agropastoralist Cushitic (ancestral to Kenya's Cushitic speakers) from the Horn of Africa . During the early Holocene , the regional climate shifted from dry to wetter conditions, providing an opportunity for the development of cultural traditions such as agriculture and herding , in a more favourable environment. Around 500 BC, Nilotic -speaking pastoralists (ancestral to Kenya's Nilotic speakers) started migrating from present-day southern Sudan into Kenya. Nilotic groups in Kenya include

15840-452: The most significant exemption is the principal family home when not used for business purposes such as rental income or home-based business activity. The sale of personal residential property is normally exempt from capital gains tax, except for gains realized during any period in which the property was unused as a personal residence (for example, while leased to other tenants) or portions attributable to business use. Capital gains or losses as

15984-571: The name of the country. It did not come into widespread official use during the early colonial period, when the country was referred to as the East African Protectorate . The official name was changed to the Colony of Kenya in 1920. Hominids such as Homo habilis (1.8 to 2.5 million years ago) and Homo erectus (1.9 million to 350,000 years ago) are possible direct ancestors of modern Homo sapiens , and lived in Kenya in

16128-468: The next five years, many political alliances were formed in preparation for the next elections. In 1994, Jaramogi Oginga Odinga died and several coalitions joined his FORD Kenya party to form a new party, United National Democratic Alliance. This party was plagued with disagreements. In 1995, Richard Leakey formed the Safina party, but it was denied registration until November 1997. In 1996, KANU revised

16272-555: The outbreak of World War I in August 1914, the governors of British East Africa (as the protectorate was generally known) and German East Africa initially agreed on a truce in an attempt to keep the young colonies out of direct hostilities. But Lieutenant Colonel Paul von Lettow-Vorbeck , the German military commander, determined to tie down as many British resources as possible. Completely cut off from Germany, Lettow-Vorbeck conducted an effective guerrilla warfare campaign , living off

16416-617: The people and the president is the head of state and government. Kenya is a member of the United Nations , the Commonwealth , World Bank , International Monetary Fund , World Trade Organization , COMESA , International Criminal Court , as well as other international organisations. It is also a major non-NATO ally of the United States . With a GNI of 1,840, Kenya is a lower-middle-income economy. Kenya's economy

16560-521: The present-day Hadza people . According to archaeological dating of associated artifacts and skeletal material, Cushitic speakers first settled in Kenya's lowlands between 3,200 and 1,300 BC, a phase known as the Lowland Savanna Pastoral Neolithic . Nilotic -speaking pastoralists (ancestral to Kenya's Nilotic speakers) began migrating from present-day South Sudan into Kenya around 500 BC. Bantu people settled at

16704-416: The presidency, running unopposed in elections held in 1979, 1983 ( snap elections ), and 1988, all of which were held under the single-party constitution. The 1983 elections were held a year early, and were a direct result of a failed military coup on 2 August 1982. The 1982 coup was masterminded by a low-ranking Air Force serviceman, Senior Private Hezekiah Ochuka , and was staged mainly by enlisted men of

16848-404: The ruling party, other parties represented in the elections included FORD Kenya and FORD Asili. This election was marked by large-scale intimidation of opponents and harassment of election officials. It resulted in an economic crisis propagated by ethnic violence as the president was accused of rigging electoral results to retain power. This election was a turning point for Kenya as it signified

16992-657: The sale of stocks , bonds , precious metals , real estate , and property . Not all countries impose a capital gains tax, and most have different rates of taxation for individuals compared to corporations. Countries that do not impose a capital gains tax include Bahrain , Barbados , Belize , the Cayman Islands , the Isle of Man , Jamaica , New Zealand , Sri Lanka , Singapore , and others. In some countries, such as New Zealand and Singapore, professional traders and those who trade frequently are taxed on such profits as

17136-611: The sale of stocks or shares are taxable at 15%. This tax rate also applies to capital gains made from transfers of ownership of real estate, both land or buildings. Individual income tax rate on dividends is 8%. There is no specific capital gains tax in Argentina ; however, there is a 9% to 35% tax for fiscal residents on their world revenues, including capital gains. Australia collects capital gains tax only upon realized capital gains, except for certain provisions relating to deferred-interest debt such as zero-coupon bonds . The tax

17280-540: The securitization of particular properties on the private placement basis. REIT shares targeted in 2016 accounted for 7 percent of the United States market, which were subsequently sold for less than half of the initial value at $ 31 billion. The Bursa Malaysia has 18 REIT listed with five Islamic REITS (shariah compliant – according to Islamic investment compliance). Dana Investasi Real Estat Berbentuk Kontrak Investasi Kolektif (DIREs) have lacked popularity because of high sale tax and double taxation. Until 2016, only one DIRE

17424-523: The sellers income. For example, in the UK the CGT is currently ( tax year 2021–22) 10% for incomes under £50,270 and 20% for higher incomes. There is an additional tax that adds 8% to the existing tax rate if the profit comes from residential property. If any property or asset is sold at a loss, it is possible to offset it against annual gains. It is also possible to carry forward losses if these are properly registered with HMRC. The CGT allowance for one tax year in

17568-410: The setting up of and the conduct of a Sri Lankan REITs. Specific provisions have been included for the verification of title and valuation of property that will form part of the assets of the REIT. Amongst the requirements is the mandatory distribution of approximately 90% of income to the unit holders, which is currently not a requirement for any of the listed entities. Further, due to the availability of

17712-403: The settlers banned the growing of coffee and introduced a hut tax, and the landless were granted less and less land in exchange for their labour. A massive exodus to the cities ensued as their ability to make a living from the land dwindled. By the 1950s, there were 80,000 white settlers living in Kenya. Throughout World War II , Kenya was an important source of manpower and agriculture for

17856-427: The shareholding of Indian REITs is skewed towards institutional investors (mostly FPIs), with very minimal contribution from retail investors. CSRC (China Securities Regulatory Commission) and NDRC ( National Development and Reform Commission ) jointly announced the start of pilot projects in REITs on April 30, 2020. This official announcement represents the beginning of REITs in mainland China. As of March 14, 2024,

18000-554: The stock market. Retail REIT Taubman Centers Inc. launched the modern era of REITs in 1992 with its creation of the UPREIT. In an UPREIT, the parties of an existing partnership and a REIT become partners in a new "operating partnership". The REIT typically is the general partner and the majority owner of the operating partnership units, and the partners who contributed properties have the right to exchange their operating partnership units for REIT shares or cash. The industry struggled during

18144-437: The stock market. Investors must be ready to react sensibly to these changes, taking into account the cumulative capital gains of their customers. They are sales must be delayed due to an unfavorable market conditions caused by capital gains tax. A study by Li Jin (2006) showed that great capital gains discourage selling. On the contrary to this fact, small capital gains stimulate the trade and investors are more likely to sell. "It

18288-573: The tax could be put to more productive uses. Professor James Poterba's work from 1987 in the American Economic Review studied the relationship between capital gains taxes and tax evasion: a 1% decrease in capital gains tax rate increases the reported tax base by 0.4% (amounting to a 0.6% decrease in tax collected). A more recent study from the Journal of Public Economics provides support for Poterba's work with evidence from

18432-546: The tax pass through mechanism to Unit Trusts, REITs also could benefit to be a viable business concept to Sri Lanka that will open new horizons for entrepreneurs to take the real estate industry to greater heights. Bernheim Comofi (now AG Real Estate ) introduced Belgian REITs in 1995 with the constitution of Befimmo . Others REITs in Belgium include Cofinimmo and Ascensio. REITs were introduced in Bulgaria in 2004 with

18576-484: The taxpayer is a person or company) and whether the taxpayer is resident or non-resident for tax purposes. It should however be noted that, unlike common law tax systems, Chinese income tax legislation does not provide a distinction between income and capital. What is commonly referred to by taxpayers and practitioners as capital gain tax is actually within the income tax framework, rather than a separate regime. Tax-resident enterprises will be taxed at 25% in accordance with

18720-404: The total income of the individual taxpayer. Income from the sale of one house, apartment, building, land plot, garage and a car parking space within 5 years and more is not taxable. However, income from the second sale and every subsequent sale of an immovable property of the same type within a five-year period is fully taxable. Income derived from the disposal of one vehicle within a calendar year

18864-488: The total market capitalisation has reached THB 85 billion across two million square metres of assets. On 1 August 2020, the Securities and Exchange Commission of Sri Lanka (SEC) announced that REITS will be introduced as an extension of the current Unit Trust Code and the new Rules, which came into effect from 31 July 2020 is in the form of a Gazette Notification published by the SEC. These Rules which are comprehensive, will govern

19008-645: The total number of listed REITs to 23, with an issuance scale approaching 80 billion yuan. The Shenzhen Stock Exchange has reported that the funds raised by infrastructure REITs successfully listed on their exchange have surpassed 32 billion yuan. These projects encompass various asset types, including industrial parks, toll roads, storage logistics, ecological protection, clean energy, affordable rental housing, and consumer infrastructure. The products have been operating smoothly, with active investor participation, gradually enhancing market functions, thereby creating significant scale and demonstration effects. Japan permitted

19152-684: The traditional way of disposing of real estate. The government and Securities and Exchange Board of India through various notifications is in the process of making it easier to invest in real estate in India directly and indirectly through foreign direct investment, through listed real estate companies and mutual funds. In the budget of 2014, finance minister Arun Jaitley has introduced a law for setting up of REITs. As in 2021, there are three REITs listed in National Stock Exchange of India. These are Embassy, Mindspace and Brookfields. Overall,

19296-712: The uncertain tax position with regards A-Shares. With respect to Circular 698 itself, there are views that it is not consistent with the Enterprise Income Tax Law as well as double taxation treaties signed by the Chinese government. The validity of the Circular is controversial, especially in light of recent developments in the international arena, such as the TPG case in Australia and Vodafone case in India. Under Colombian law, there are different kinds of capital gains subject to taxation: The general capital gains tax rate in Colombia

19440-594: The willingness of Somalis in Kenya to join Somalia . The result of the referendum showed that 86% of Somalis in Kenya wanted to join Somalia , yet the British colonial administration rejected the result and the Somalis remained in Kenya. The first direct elections for native Kenyans to the Legislative Council took place in 1957. Despite British hopes of handing power to "moderate" local rivals, it

19584-456: The years on a transaction-by-transaction basis. This uncertainty has caused significant problems for those investment managers investing in A-Shares. Guo Shui Han (2009) No. 698 ("Circular 698") was issued on 10 December 2009 addressing the PRC corporate income tax treatment on the transfer of PRC equity interest by non-PRC tax resident enterprises directly or indirectly, however has not resolved

19728-680: Was approved by the Capital Markets Authority in October 2015. The REIT is issued by Stanlib Kenya under the name Fahari I-Reit scheme. The REIT scheme will provide unit holders stable cash inflows from the income generating real estate properties. The unrestricted IPO will be listed on the main investment market segment of the Nairobi Securities Exchange. REITs have been in existence in Ghana since 1994. The Home Finance Company , now HFC Bank , established

19872-439: Was called. Kivoi told him " Kĩ-Nyaa " or " Kĩlĩma- Kĩinyaa ", probably because the pattern of black rock and white snow on its peaks reminded him of the feathers of the male ostrich. In archaic Kikuyu , the word 'nyaga' or more commonly 'manyaganyaga' is used to describe an extremely bright object. The Agikuyu, who inhabit the slopes of Mt. Kenya, call it Kĩrĩma Kĩrĩnyaga (literally 'the mountain with brightness') in Kikuyu , while

20016-681: Was established, which was in 2012. However, tax incentives plans demonstrate an intention of policymakers and lawmakers to boost the competitiveness of the market, and to encourage DIREs to be listed domestically. The Securities and Exchange Commission of Pakistan is in the process of implementing a REIT regulatory framework that will allow full foreign ownership, free movement of capital and unrestricted repatriation of profits. It will curb speculation in Pakistani real estate markets and gives access to small investors who want to diversify into real estate. The Securities and Exchange Commission of Pakistan

20160-512: Was formed and ultimately mobilised over 400,000 Africans, contributing to their long-term politicisation. In 1920, the East Africa Protectorate was turned into a colony and renamed Kenya after its highest mountain. During the early part of the 20th century, the interior central highlands were settled by British and other European farmers, who became wealthy farming coffee and tea. One depiction of this period of change from

20304-542: Was relaxed in January 2020 which led to the establishment of the first REIT in the country, AREIT Inc. of Ayala Land which had its public offering in August of the same year. However foreign investors still have poor reception towards REITs during that year when there was also a prevailing COVID-19 pandemic . Commonly referred to as S-REITs, there are more than 40 REITs listed on the Singapore Exchange , with

20448-536: Was the Kenya African National Union (KANU) of Jomo Kenyatta that formed a government. The Colony of Kenya and the Protectorate of Kenya each came to an end on 12 December 1963, with independence conferred on all of Kenya. The U.K. ceded sovereignty over the Colony of Kenya. The Sultan of Zanzibar agreed that simultaneous with independence for the colony, he would cease to have sovereignty over

20592-549: Was the Swynnerton Plan , which was used to both reward loyalists and punish Mau Mau. This left roughly 1/3rd of Kikuyu bereft of any tenancy land arrangement and thus propertyless at the time of independence. Before Kenya got its independence, Somali ethnic people in present-day Kenya in the areas of Northern Frontier Districts petitioned Her Majesty's Government not to be included in Kenya. The colonial government decided to hold Kenya's first referendum in 1962 to check

20736-754: Was the first Australian real estate investment trust (LPT) on the Australian stock exchanges (now the Australian Securities Exchange ). REITs which are listed on an exchange were known as Listed Property Trusts (LPTs) until March 2008, distinguishing them from private REITs which are known in Australia as Unlisted Property Trusts. They have since been renamed Australian Real Estate Investment Trusts (A-REITs) in line with international practice. REITs have shown numerous benefits over direct investment including lower tax rates and increased liquidity. There are now more than 70 A-REITs listed on

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