• The Kenyan government is reportedly considering new tax measures affecting cryptocurrency transactions, online advertisement, and non-fungible token (NFT) transfers.
• These taxes include a 3% capital gains tax on profits made from cryptocurrency trading as well as a 15% tax on income earned by online influencers.
• The proposed bill will have to go through multiple assessment sessions before it becomes law.
Kenyan Government Proposes New Tax Measures
The Kenyan government is reportedly considering new tax measures that would affect cryptocurrency transactions, online advertisement, and non-fungible token (NFT) transfers. This move attempts to regulate the industry and ensure that those involved in digital asset trades contribute to the country’s tax revenue.
The lawmakers are proposing a 3% capital gains tax on profits made from cryptocurrency trading. This measure will ensure that traders of digital assets pay their fair share of taxes.
Online Influencer Tax
In addition, the lawmakers are looking at imposing a 15% tax on income earned by online influencers such as those who post sponsored content or participate in affiliate marketing programs. This move seeks to further regulate the advertising industry and get it contributing more to the country’s budget.
Other Products & Services Affected
The proposed bill also includes other products and services such as paid subscriptions and merchandise sales which may be subject to taxation.
Final Consideration Of The Bill
Ultimately, the proposed bill needs to go through several assessment sessions including five reading rounds before it can become law and be put into effect. It will eventually move up for consideration by the president before becoming official legislation in Kenya.