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21 October 2020

Foreign Crypto Exchanges Like Paxful, Binance to Pay 1.5% Tax Under Kenya's New Regulations | Taxes Bitcoin News

Foreign Crypto Exchanges Like Paxful, Binance to Pay 1.5% Tax Under Kenya's New Regulations | Taxes Bitcoin News


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The Kenya Revenue Authority (KRA) has clarified that its planned digital service tax (DST) will be applicable to cryptocurrencies at a rate of 1.5% on gross transaction value, local media reported.

“As the law is, any person who will be offering a digital service – crypto is digital, the platform is digital, the acquisition process is digital, the process of payment is digital – in that respect, DST will be applicable on cryptocurrencies,” he explained, in a report by Bitcoinke.

In its original communication, the Kenya Revenue Authority stated that the digital service tax is to be paid “by a person who derives or accrues income from services through a digital marketplace.” But the term “digital marketplace” proved a source of much consternation because of it being legally and technically ambiguous?

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