• The Kenyan government is reportedly considering new tax measures on cryptocurrency transactions, online advertisement, and non-fungible token (NFT) transfers.
• These taxes are intended to help finance the country’s budget, with 3% capital gains tax proposed for digital assets and 15% tax on influencers income.
• The bill is yet to pass into law and has received mixed reactions from individuals online.
Kenya Considers New Tax Measures On Cryptocurrency
The Kenyan government is reportedly considering introducing new tax measures that would affect cryptocurrency transactions, online advertisement, and non-fungible token (NFT) transfers. This move is intended to generate more revenue to finance the country’s budget.
Proposed Taxes On Digital Assets And Influencers
The proposed taxes include a 3% capital gains tax on profits made from cryptocurrency trading as well as a 15% tax on income influencers generate through various social media platforms. Additionally, the lawmakers are also considering imposing a 3% tax on the transfer of NFTs. These digital assets represent ownership of unique artwork, music, and videos. Furthermore, affiliate marketing, sponsorships, paid subscriptions, and merchandise are included in this proposal as well.
Bill Yet To Become Law
At present time the bill needs to go through different stages which includes five reading rounds at National Assembly before it eventually moves to president’s table for final assessment before it becomes law.
Mixed Reactions From Individuals Online
The proposed move by Kenyan authorities has attracted several reactions online with some individuals noting that the 3% capital gains tax was too low while others expressed concerns over its potential impact on users of these services in Kenya if implemented in its current form.
Overall it appears that if passed into law the new taxation proposals could have significant consequences for those dealing with cryptocurrencies or any other related service within Kenya’s borders. It remains unclear when exactly this bill will be signed into law but its implications should not be underestimated once enacted into legislation