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Foreign Crypto Exchanges To Pay 1.5% Tax Under Kenya’s New Rules

  • The Kenya Revenue Authority (KRA) has clarified that its planned digital service tax (DST) will apply to cryptocurrencies at a rate of 1.5% on gross transaction value.
  • What this means is that platforms dealing with virtual currencies will be required to pay the 1.5% tax to the Kenyan government.
  • However, for foreign peer-to-peer exchanges such as Paxful and Binance P2P, they will have to remit the tax each month.
  • Kenyan crypto businesses will make similar payments as well. However, local firms “have the option of claiming back their digital service tax at the end of the year since they also pay other taxes within the Kenyan jurisdiction.”
  • In its original communication, the Kenya Revenue Authority stated that the digital service tax is to be paid “by a person who derives or accrues income from services through a digital marketplace.”
  • Read the full story here.

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