Calculate the net profit or loss on an NSE stock investment after brokerage commission, 16% VAT, and statutory levies — plus the break-even sell price for your trade.
Buying and selling shares on the Nairobi Securities Exchange costs more than the share price alone — brokerage commission, several statutory levies, and 16% VAT on that commission all show up on your contract note. This calculator applies the full published fee stack to both legs of a trade so you can see your real net profit or loss, not just the gross price movement.
What Fees Apply to an NSE Share Trade?
An NSE trade carries two categories of cost, charged separately on the buy and the sell. Brokerage commission is a private fee your stockbroker sets, up to a maximum of 1.76% of trade value for a single trade under KES 100,000 and up to 1.5% for KES 100,000 and above, plus 16% VAT charged on that commission. Statutory levies are fixed by the market's regulators at a flat 0.34% of trade value regardless of size.
| Charge | Rate | Notes |
|---|---|---|
| Brokerage commission | up to 1.76% (<KES 100k) / 1.5% (≥KES 100k) | Broker-set maximum, often negotiable |
| VAT on brokerage | 16% | Charged on the commission only, not the levies |
| NSE transaction levy | 0.12% | Flat, any trade size |
| CMA transaction levy | 0.12% | Flat, any trade size |
| CDSC transaction levy | 0.08% | Flat, any trade size |
| CDSC & CMA/ICF guarantee funds | 0.01% each | Flat, any trade size |
Is Capital Gains Tax Charged on NSE Shares?
No. Gains on shares listed on the NSE, or on any other securities exchange licensed by the Capital Markets Authority, are exempt from both Capital Gains Tax and withholding tax under Kenya's Income Tax Act — an exemption that has stood since CGT was reintroduced in 2015. The exemption applies only to listed, exchange-traded shares; private or unlisted company shares remain subject to the standard 15% CGT.
Is Stamp Duty Charged on NSE Shares?
No. Shares held and transferred electronically through the CDSC's Central Depository System move as a book entry rather than through a signed, physical transfer instrument, so there's nothing to stamp. The 1% stamp duty under the Stamp Duty Act still applies to transfers of unquoted, private company shares.
How Is My Net Profit or Loss Calculated?
The calculator adds brokerage, VAT, and statutory levies to your buy consideration (shares × buy price) to get your total cost of purchase, then subtracts the same fee stack from your sell consideration to get your net sell proceeds. Net profit is net sell proceeds minus total cost of purchase — the actual cash difference between what you paid to open the position and what you'd walk away with after selling, fees included on both legs.
What Is the Break-Even Sell Price?
The break-even sell price is the price per share at which your net sell proceeds exactly equal your total cost of purchase — the point where fees on both legs are fully recovered before any profit registers. Because fees apply on both the buy and the sell, a share has to rise by more than the fee percentage alone: at the smaller-trade fee tier and the maximum published commission rate, a round trip needs roughly 4.9% of price appreciation just to break even.
Why Does the Fee Rate Change at KES 100,000?
Brokerage commission steps down from a maximum 1.76% to a maximum 1.5% once a single trade's consideration reaches KES 100,000, a tiering most NSE-licensed brokers apply since the CMA liberalized commission rates in 2014. The statutory levies — NSE, CMA, CDSC, and the two guarantee funds — don't step down; they're a flat 0.34% at any trade size.
How Do I Use This Calculator?
Enter the number of shares, your buy price per share, and your actual or planned sell price per share. The calculator returns your total cost of purchase, net sell proceeds, net profit or loss, net return percentage, and the break-even sell price for that exact trade size. Brokerage rates shown here are broker-set maximums and are often negotiable, especially for high-volume trading, so confirm your own broker's actual commission rate before relying on this for a real trade.
Do I pay Capital Gains Tax when I sell shares on the NSE?
No. Gains on shares listed on the Nairobi Securities Exchange, or any other CMA-licensed exchange, are exempt from both Capital Gains Tax and withholding tax under Kenya's Income Tax Act. The exemption applies only to listed, exchange-traded shares — private or unlisted company shares remain subject to the standard 15% CGT.
Why did my broker charge a higher commission rate than I expected?
Brokerage commission depends on the trade's value: up to 1.76% applies to a single trade below KES 100,000, dropping to a maximum of 1.5% once that trade reaches KES 100,000. Rates are broker-set maximums and are often negotiable, so two investors trading the same stock can pay different commission rates at different brokers.
Is stamp duty charged when I buy or sell NSE shares?
No. Shares held electronically through the CDSC's Central Depository System transfer as a book entry rather than through a physical, stampable instrument. The 1% stamp duty under the Stamp Duty Act still applies to transfers of unquoted, private company shares.
Does VAT apply to the whole trade or just the brokerage fee?
VAT applies only to the brokerage commission, at 16%, not to the trade's consideration or to the statutory NSE, CMA, or CDSC levies. On a KES 50,000 trade at the 1.76% brokerage rate, VAT is 16% of the KES 880 commission — KES 140.80 — not 16% of the KES 50,000 trade value.