Crypto, influencers targeted in Kenya’s new tax bid

Kenya is proposing new taxes targeting the digital economy in a bid to grow domestic revenues and narrow its fiscal deficit in response to the ongoing cash crunch.

The East African country plans to charge a 3% tax on the transfer or exchange value of digital assets, while content creators will pay 15% on online earnings up from 5% withholding income tax. If the proposals in the finance bill are ratified, the taxes will take effect in the coming budget year, which begins July 1.

Read more: TechCrunch

Photo by Ivan Babydov