Kenya is considering implementing a 3% tax on cryptocurrency and non-fungible token (NFT) transfers as part of the country’s proposed budget.
Latest Budget Proposes Crypto Tax
The latest budget proposal for the country has a contingency for taxing crypto transactions, including NFT transfers. The Finance Bill 2023, presented to the Kenyan parliament on May 4 by the country’s finance ministry, the National Treasury, has proposed levying a 3% tax on all “income derived from the transfer or exchange of digital assets.” The proposal has also included NFTs in its definition of “digital assets.”
Crypto exchanges or those who initiate the transfer of crypto or NFTs would be required to collect the tax, having to deduct 3% of the transfers’ value to be paid to the government. Exchanges not registered in Kenya would have to register under the tax regime.
As just a proposed bill, the legislature has a long journey ahead before it can become law. It will need to pass through five ro
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