[OCTOBER 15, 2020] Will the Kenya Digital Service Tax Affect Crypto Platforms? Ask the Taxman

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Following the announcement and eventual ratification of a draft bill that will see all digital marketplaces operating in Kenya pay a 1.5% digital service tax, a lot of questions have been raised over this new direction.

The Kenya Revenue Authority (KRA), which is responsible for collecting revenue on behalf of the government of Kenya, says the digital service tax will come into effect beginning January 1, 2021.

SEE ALSODigital Marketplaces in Kenya to Start Paying 1.5% Digital Service Tax Beginning in 2021

To help businesses and online marketplaces understand what it entails, KRA is holding an online Q&A to demystify the new tax bill and help attendees understand what is required.

DETAILS:

How will the new tax affect digital marketplaces like crypto P2P platforms in Kenya?

 

[UPCOMING WEBINAR]
Signup to attend: https://bit.ly/BitKECatapult-28

 

While the Finance Act defines a ‘digital marketplace as a platform that enables the direct interaction between buyers and sellers of goods and services through electronic means, there is still no precise meaning on who will be impacted by this tax.

Cryptocurrencies are not recognized, and thus remain unregulated, in Kenya. While these platforms fall under ‘digital marketplaces,’ it is still unclear if they will be taxed for enabling unregulated products or not.

Crypto companies and entrepreneurs operating, or planning to set up operations, in Kenya are encouraged to attend and air their questions and comments during the session in order to help them understand what is required before the January 1, 2020 deadline.

 

 

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