Kenya is considering a new bill that proposes a 3% tax on cryptocurrency and nonfungible token (NFT) transfers and a 15% tax on digital content monetization.
Introduced on May 4, the Finance Bill 2023 aims to collect income from the transfer or exchange of digital assets, and its language specifically includes NFTs.
Crypto exchanges or those initiating crypto or NFT transfers will have to deduct 3% of the transfer value to pay to the government.
The bill also levies a 15% tax on digital content monetization including sponsorships, merchandise sales, and paid subscriptions.
The bill will undergo five rounds of reading, committee, and report by the National Assembly before it goes to the president for final assent into law.
Crypto advocacy group, Cryptocurrency Kenya, criticized the digital tax, claiming that it should apply to everything digital and that a crypto-only tax is targeted harassment.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.
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