New Kenyan Digital Tax to Affect Crypto Platforms
Kenya Revenue Authority (KRA) has announced new regulations that compel users of digital marketplaces to pay digital tax. At a rate of 1.5% on gross transaction value, the new tax is expected to take effect on Jan. 1, 2021. According to a report, the KRA will create a special tax unit to track and tax transactions using “data-driven detection.” Still, the report notes that “at this stage, the precise meaning of a digital market place and those who will be impacted by the digital tax is unclear.” Kenya’s Finance Act broadly defines digital marketplace “as a platform that enables the…