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(Kitco News) – As Kenya explores ways to shore up its finances and increase government revenue, lawmakers in the country are looking to tax cryptocurrency and nonfungible token (NFT) transactions as a potential source of income according to a newly introduced bill to the Kenyan parliament.
Received by the national assembly on May 4, the Finance Bill 2023 is looking to amend the Income Tax Act by inserting a section that establishes “a tax to be known as digital asset tax” that “shall be payable by a person on income derived from the transfer or exchange of digital assets.”
Based on the text of the bill, the owner of the platform or the person who facilitates any exchange or transfer of a digital asset will be responsible for collecting the appropriate tax and submitting it to the Commissioner.
“A person who is required to deduct the digital asset tax shall,…