Kenya Proposes Crypto Tax For 4 Million Users
According to a report, persons owning cryptocurrencies may eventually be obliged to pay taxes proportionate to the gains achieved under a capital markets modification law that is purportedly approaching the Kenyan parliament.
The amended bill aims to put taxes on cryptocurrency exchanges and digital wallets in addition to Kenyan crypto owners. The amendment bill is being supported by Abraham Kirwa, a member of parliament (MP) for the Mosop seat, according to a Business Daily article.
Kenyans who store Bitcoin for more than a year must pay capital gains tax, while those who hold it for less than a year must pay income tax. People who have turned trading in cryptocurrency into a company will probably need to pay income tax on their profits. Abraham Kirwa sponsored the bill:
“Where the digital currency is held for a period not exceeding twelve months, the laws relating to income tax shall apply, or for a period exceeding twelve months, the laws relating to capital gains tax shall apply.”
The governor of the Central Bank of Kenya, Patrick Njoroge, has frequently been against the usage of privately produced digital currencies despite Kenyans’ enthusiasm for crypto.
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