By Kurgat Marindany.
The Government has granted mortgage tax relief privileges to the Housing sub-sector so as to encourage its growth and development.
Industry, Trade and Co-operatives Cabinet Secretary, Adan Mohamed made the disclosure during the 2017 95th Ushirika Day celebrations.
The CS said the grant was caused by a Miscellaneous Amendment Bill and has also been extended to real estate developers who will benefit from a relief of15 per cent.
“The threshold for real estate development entitlement for the 15 per cent corporate relief has been lowered from 400 units so as to enable Co-operatives to benefit from the corporate tax relief,” said Mohamed.
The CS said the country’s Savings and Credit Co-operatives have mobilised savings to the tune of Sh600 billion with an asset base in excess of Sh800 billion.
Nairobi Governor, Evans Kidero, who was one of the chief guests, said the County’s urban renewal housing project started in the city last November with two Sh14.3 billion projects in Bachelors/Jivanjee and Pangani estates.