Alongside Nigeria and South Africa, Kenya has one of Africa's highest proportions of the population owning crypto. cryptotax digitaltax
According to regulations published by the country’s treasury secretary, global crypto exchanges used by Kenya’s estimated 4 million users will start paying a 1.5% tax on revenues earned.The Kenyan Treasury has said it will start levying taxes on revenues earned by cryptocurrency exchanges used by an estimated 4 million local residents. According to aby Business Daily Africa, Kenyan authorities will rely on the 1.5% digital tax service that became effective on Jan.1, 2021.
Initially proposed in 2020, the digital tax is the Kenyan government’s attempt to extract revenue from leading crypto exchanges and tax-avoiding digital asset platforms. Asby Bitcoin.com News in early January 2021, the Kenya Revenue Authority said it expected to get $45.5 million from the tax. Meanwhile, as shown in the 2023 regulations’ value added tax published by Treasury Cabinet Secretary Njuguna Ndung’u, Kenya can now target global crypto exchanges.
“For the purposes of these Regulations, a taxable electronic, Internet or digital marketplace supply include…facilitation of online payment for, exchange or transfer of digital assets excluding services exempted under the Act,” the published regulations state.
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