đŽKenya Mulls 3% Tax on Crypto (Report)
As reported by Bloomberg, Kenyaâs lawmakers might implement a 3% tax on the transfer or exchange of cryptocurrencies, whereas a 15% levy could affect creators of monetized online content.Â
The proposal is part of a newly-designed bill that could stabilize the financial condition of the African nation. President William Ruto aims to double tax collections to 5 trillion shillings (around $37 billion) in five years and use the funds to promote monetary growth.
The legislation will become official from the beginning of July should the Kenyan lawmakers give their nod. The country estimates revenue of approximately $21 billion during the first 365 days (14% more than the anticipated collections for the ongoing fiscal year).Â
