What is your opinion on the proposed bill in Kenya to impose taxes on crypto assets?
Dolipo Polls@dolipopolls
1 year ago
The Capital Markets (Amendment) Bill, 2023, amends the country’s tax code, imposing taxes on crypto assets stored on crypto exchanges and digital wallets. In its framework, Kenyans will pay capital gains for the increased crypto market value when they sell or use it in a transaction. While the bill’s text is unavailable in full, according to the Business Daily, “banks [will] deduct 20 percent excise duty on all commissions and fees charged on transactions.”
Should the bill pass, citizens of Kenya would be obliged to declare all their crypto assets and their value in Kenyan shillings to the Kenya Revenue Authority. The report cites part of the bill:
“A person who possesses or deals in digital currency shall provide the Authority with the following information for tax purposes—the amount of proceeds from the transaction, any costs related to the transaction and the amount of any gain or loss on the transaction.”
While Kenya is only preparing to introduce its crypto taxes, the tax services in other countries have recently been quite vocal in their desire to chase all those who didn’t declare their crypto accurately. For example, His Majesty’s Revenue and Customs recently demanded that United Kingdom hodlers declare any crypto they failed to report in the last four, six or even 20 years.
📍Kenya, Kenya
What is your opinion on the proposed bill in Kenya to impose taxes on crypto assets?
1 year ago
