The Kenyan authorities plan to impose a 3% tax on transactions with digital assets in order to stabilize the domestic economy. This is reported Bloomberg.
local news agency Kenyans shared the government’s definition of cryptocurrencies:
“”Digital asset” includes any value that is not tangible, as well as cryptocurrencies, tokens and codes stored in digital form and generated using cryptographic means or otherwise, under any name, which can be transferred, stored or exchanged in electronic form,” the document says.
According to UN reportapproximately 8.5% of Kenya’s population or 4.25 million people own cryptocurrencies, placing the country fifth in the world in global adoption of digital assets.
The bill also said that monetization of digital content would require a 15% deduction and the tax rate on top wages would jump from 30% to 35%.
Kenyan President William Ruto has pledged to double government revenue to 5 trillion shillings ($36.7 billion) in five years and reduce the country’s accumulated debt to stimulate economic growth.
Recall that in March, US President Joe Biden proposed changes to the taxation of cryptocurrency transactions. He expects to increase budget revenues from the industry to $24 billion.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
The Kenyan authorities plan to impose a 3% tax on transactions with digital assets in order to stabilize the domestic economy. This is reported Bloomberg.
local news agency Kenyans shared the government’s definition of cryptocurrencies:
“”Digital asset” includes any value that is not tangible, as well as cryptocurrencies, tokens and codes stored in digital form and generated using cryptographic means or otherwise, under any name, which can be transferred, stored or exchanged in electronic form,” the document says.
According to UN reportapproximately 8.5% of Kenya’s population or 4.25 million people own cryptocurrencies, placing the country fifth in the world in global adoption of digital assets.
The bill also said that monetization of digital content would require a 15% deduction and the tax rate on top wages would jump from 30% to 35%.
Kenyan President William Ruto has pledged to double government revenue to 5 trillion shillings ($36.7 billion) in five years and reduce the country’s accumulated debt to stimulate economic growth.
Recall that in March, US President Joe Biden proposed changes to the taxation of cryptocurrency transactions. He expects to increase budget revenues from the industry to $24 billion.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
