Kenya cryptocurrency tax bill passes parliamentary committee
According to the Kenyan Daily Business, the 2023 Capital Markets (Amendment) Bill has been approved by the National Assembly Finance and National Planning Committee. The bill defines cryptocurrency as securities and plans to levy capital gains tax on them. The bill will now be submitted to the lower house of parliament.
It is reported that the bill will tax cryptocurrency assets held in cryptocurrency exchanges and digital wallets. Banks will deduct a 20% consumption tax from all commissions and fees charged for transactions. If the bill is passed, Kenyan citizens will be obliged to declare all their cryptocurrency assets and their value in Kenyan shillings to the Kenyan Revenue Authority.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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