• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home African

The Next Kenyan Tax Policy Targets Content Creators, Crypto Market, And Other Digital Assets

The forthcoming tax policy financial bill bids to revive the bearish economy GDP standard.

Emeka Eni by Emeka Eni
June 14, 2023
in African, Cryptocurrency, Government
Share on FacebookShare on Twitter

The digital cash crunch in Kenya has reportedly impacted its tax authority to consent to impose a tax on the digital economy and other digital-related profit makers. The local tax authority reported that the tax collection protocol is likely to commence by July and taxes will vary, ranging from a 5% minimal tax to a 15% maximum impose tax on digital assets.

The Kenyan government is keen on minimizing fiscal deficit in the economy revenue inflow and maximizing domestic revenue growth via tax collection from the digital market where content creators, cryptocurrency transactions or exchanges, and other related digital assets are targeted for tax.

Imposed tax on digital assets is one way to regulate the crypto market from an angle, while the other significant angle to regulate the crypto market is yet to be discovered. However, the insatiable Kenyan regulatory system happened to have impacted the East African region to bid for enormous domestic revenue growth.

The moment the Kenyan tax authority reports to impose the tax collection bill on digital assets, the entire region will follow the tax trends in billing the tech-savviest population a portion of their earnings. Due to the income/cash crunch in its digital economy, the tax regulatory system tends to set up a policy, bidding to revive the domestic economy’s GDP growth.

For context, the Kenyan tax authority’s intended rate for collection is based on a withheld income tax policy that demands 15% from content creators that are intended to pay an actual 5%, digital assets exchange will also pay 5% tax and taxes on other valuable digital assets.

According to the Kenyan tax authority, “anything of value that is not tangible and cryptocurrencies, token code, the number held in digital form and generated through cryptographic means or otherwise, by whatever name called, providing a digital representation of value exchanged with or without consideration that can be transferred, stored or exchanged electronically; and a non-fungible token (NFTs) or any other token of similar nature, by whatever name called.”

Kenyan tech-savviest population has reportedly experienced the impact cash crunch in the digital economy which has attracted its government’s consent to draft tax policy for exchanging and transferring digital assets. Once the inland tax authority plays its cards right with an approved financial bill, the imposed tax on digital assets will be effective from July.

However, the tax policy is focused on the earnings made by content creators cashing out as users of digital exchange platforms such as Yellow Card, Luno, Binance, and other crypto platforms are obliged to the deductible tax policy on every transaction on the mandated platforms. This includes the in-app transaction fee charged for every virtual receipt, while the tax authority will be credited by digital platforms with deducted tax within 24 hours.

The tax authority is another faction of the Kenyan regulatory system that is set to regulate the digital economy with a portion of receivable tokens from digital assets. This denotes that the domestic apex bank will be summoned whenever a digital platform is caught operating in Kenya without a license – yet an unforgivable tax policy added to the policy defaulter’s bill.

Related Posts:

  • 667ea90249b7a3e300298aa4_Top image (42)
    The Kenyan Regulatory System Approves 1.5% Tax On…
  • 1_9Ob-Wy96UqUssUVTp2KyVA
    The Kenya Revenue Authority Demands Tax Compliance…
  • FEWOQ7AP7VKRLHUUH22MJ7YJ3A
    The Kenyan President Retract The ICT Policy That…
  • Nigeria And Binance In Talks To Launch Digital Economic Hub To Develop Blockchain Technology
    Nigeria And Binance In Talks To Launch Digital…
  • CBK-QR-Code-Launch-RESIZED
    The CBK Launches KE-QR Code For Standard Remittance…
  • The South African Reserve Bank (SARB) has Revealed Plans to Regulate the Crypto Market.
    The South African Reserve Bank (SARB) has Revealed…
  • mobile_abstract_2020
    The Kenyan Government Consent To Deploy Spyware On…
  • The Central African Republic Prepares to Debut Sango Coin to Accelerate Local Crypto Hub Development.
    The Central African Republic Prepares to Debut Sango…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Tags: content creatorsCrypto marketEast Africakenyataxtax policy
Emeka Eni

Emeka Eni

I am a tech enthusiast, creating contents, graphic designer and am Africa.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Truecaller Filters Verified Business Messages May 12, 2025
    • ChatGPT Deep Research Now Links to GitHub Repos May 12, 2025
    • Microsoft Offers Guide to Fix Windows Blue Screen Errors May 12, 2025
    • We’ve Invested $10b in Nigeria so Far – MTN May 12, 2025
    • Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 3 May 11, 2025
    • Google’s Antitrust Showdown, AI vs. Search, and other Headlines May 11, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Popular Tags

    africa (135) AI (498) android (367) app (717) Apple (577) artificial intelligence (419) business (482) china (132) cryptocurrency (210) ecommerce (122) enterprise (287) facebook (507) fintech (244) funding (121) gadget (558) gaming (201) google (710) government (469) instagram (173) internet (467) ios (291) iphone (246) meta (116) microsoft (369) mobile (352) new feature (384) nigeria (440) privacy (158) research (140) samsung (185) security (421) smartphone (277) social media (836) software (509) startup (419) streaming (174) telecom (242) tips (372) twitter (289) united states (216) users (158) videos (127) website (173) whatsapp (201) youtube (138)

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    About Us

    TechBooky

    TechBooky is a social Tech blog with a special focus on the budding African Technology sector. TechBooky is currently based in Abuja, Nigeria.

    Recent News

    Truecaller Filters Verified Business Messages

    Truecaller Filters Verified Business Messages

    May 12, 2025
    ChatGPT Deep Research Now Links to GitHub Repos

    ChatGPT Deep Research Now Links to GitHub Repos

    May 12, 2025
    Microsoft Offers Guide to Fix Windows Blue Screen Errors

    Microsoft Offers Guide to Fix Windows Blue Screen Errors

    May 12, 2025
    The NCC Commissioned MTNN To Lease Spectrums From NTEL And Renew Its 3G Spectrum

    We’ve Invested $10b in Nigeria so Far – MTN

    May 12, 2025
    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1

    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 3

    May 11, 2025
    Google’s Antitrust Showdown, AI vs. Search, and other Headlines

    Google’s Antitrust Showdown, AI vs. Search, and other Headlines

    May 11, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok