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.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…
Over the years, meme coins have evolved from inside jokes into serious investment opportunities.
Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…
Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…
Discover why Qubetics, NEAR Protocol, and Immutable X are the best altcoins to join today,…
BTFD Coin is offering a chance to relive the glory days of meme coin investing,…
This website uses cookies.