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Kenya Proposes New Bill For Crypto And NFT Transaction Tax

Press Releases Crypto News Bitcoinist Kenya Proposes New Bill For Crypto And NFT Transaction Tax

The Kenyan government is reportedly considering new tax measures affecting cryptocurrency transactions, online advertisement, and non-fungible token (NFT) transfers.

According to reports, the government is looking for new revenue streams to help finance its budget and is considering taxing these industries.

Kenya Enacts Bill On Crypto Taxes

The country’s lawmakers aim to impose a capital gains tax on profits made from cryptocurrency trading. As such, they will place a 3% tax on digital assets. This move attempts to regulate the sector and ensure cryptocurrency traders contribute to the country’s tax revenue.

The lawmakers are also considering imposing a tax on the transfer of NFTs. These digital assets represent ownership of unique artwork, music, and videos. According to them, NFT transfers will get a similar tax percentage rate of 3%.

Further, the lawmakers noted in the bill that they will place a 15% tax on online influencers, who have become a powerful force in the advertising industry. The proposed tax would be levied on income influencers generate through various social media platforms.

Also, some of the products and services included in the bill are affiliate marketing, sponsorships, paid subscriptions, and merchandise.

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In the meantime, the government is yet to pass the bill into law. Notably, it will have to go through different assessment sessions, including five reading rounds, reports, and committees, by the National Assembly. Finally, it will eventually move to the president’s table for final assessment and consideration before it becomes law.

Nevertheless, the Kenyan government’s move to place new tax measures

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Author: Eli Dambel

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