A tax of three per cent has been proposed by Kenya on the transfer or exchange value of a digital asset in its Finance Bill, 2023, as per a draft reviewed by MediaNama. The bill is yet to come into effect and will be presented on June 8 this year. The tax will be deducted by the platform or the person who “facilitates the exchange or transfer” and remitted to the Kenyan government within 24 hours. The bill also mandates the registration of a person, even if they are not a citizen, who owns the platform on which digital assets are exchanged. Why it matters: It is a significant development when read in conjunction with the fact that Kenya has not cleared the air on whether digital assets are legal in the country. The country seems to have taken a leaf out of India’s playbook which introduced a tax regime for digital assets in 2022. The move can be seen as a vote of confidence towards India’s efforts to foster a global consensus on a regulatory approach towards crypto assets. Definition of a digital asset: The draft defines a digital asset as “anything of value that is not tangible and cryptocurrencies, token code, number held in digital form and generated through cryptographic means or otherwise, by whatever name called, providing a digital representation of value exchanged with or without consideration that can be transferred, stored or exchanged electronically and a non fungible token or any other token of similar nature,…
Here’s everything to know about Kenya’s plan to levy 3 percent tax on digital assets
The country seems to have taken a leaf out of India’s playbook which introduced a tax regime for digital assets in 2022.
- AI poses “risk of extinction,” leading researchers and CEOs warn in 22-word statement May 31, 2023
- Reddit Ducks Liability in Safe Harbour Case On Child Pornography, US Supreme Court Declines Hearing May 31, 2023
- 7 talking points on the Digital India Act consultation in Mumbai May 31, 2023
- Five grounds on which Microsoft challenged UK’s decision to block its acquisition of Activision May 30, 2023
- How Should Safe Harbour Laws Change to Regulate Platforms and Protect Users on Today’s Internet? #NAMA May 30, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Is it safe to consider all "publicly available data" as public?
PhonePe launched an e-commerce buyer app for ONDC called Pincode. We, however, believe that it should also launch a seller app.
Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...