Kenya Targets Cryptocurrency Traders With New Tax Measures

According to Odaily, the Kenya Revenue Authority (KRA) has recently disclosed that the government collected $77.5 million (10 billion shillings) in taxes from 384 cryptocurrency traders during the 2023-24 fiscal year. The KRA aims to increase tax revenue from cryptocurrency traders to over $465 million. Overall, the agency has set a target to collect $15.88 billion in the next five years, with the cryptocurrency sector identified as a primary focus by the Kenyan government. To enhance its ability to collect more taxes from the cryptocurrency industry, the KRA has proposed the installation of a real-time tax system integrated with cryptocurrency exchanges. This system is expected to capture crucial information such as transaction time and value, thereby improving the efficiency and accuracy of tax collection from digital currency transactions. The move underscores the government's commitment to regulating and taxing the burgeoning cryptocurrency market in Kenya.