Report: Kenya to Start Levying Tax on Revenue Earned by Crypto Exchanges
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According to regulations published by the country’s treasury secretary, global crypto exchanges used by Kenya’s estimated 4 million users will start paying a 1.5% tax on revenues earned. Tax-Avoiding Digital Asset Platforms The Kenyan Treasury has said it will start levying taxes on revenues earned by cryptocurrency exchanges used by an estimated 4 million local residents. According to a report by Business Daily Africa, Kenyan authorities will rely on the 1.5% digital tax service that became effective on Jan.1, 2021. Initially proposed in 2020, the digital tax is the Kenyan government’s attempt to extract revenue from leading crypto exchanges and
The Ukrainian government has come out with its declaration of having lost out on a massive chunk of tax collection from unauthorized crypto exchanges. In the past ten years, crypto exchanges have been responsible for a shortfall of approximately $80 million in terms of tax-based revenue that the country would…