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Kenyan crypto tax bill makes it through Parliamentary Committee

TJ Tate
December 5, 2023

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Bill Defining Crypto as Securities and Imposing Tax Passes Through Kenyan Parliament Committee

The Capital Markets (Amendment) Bill, 2023 has been approved by the National Assembly’s Finance and National Planning Committee in Kenya. This bill will define crypto assets as securities and feature a capital gains tax on them. Chairman of the Committee, Kimani Kuria commented that this is a very critical law that will guard against proceeds of crime and terrorism financing.

The bill will now be introduced to the lower chamber of Parliament, the National Assembly, for reading. If the bill passes, citizens of Kenya will be obligated to declare all their crypto assets and their value in Kenyan shillings to the Kenya Revenue Authority (KRA). Banks will also be required to deduct a 20 percent excise duty on all commissions and fees charged on transactions.

In other countries, tax services have been vocal in their desire to chase those who failed to declare their crypto accurately. For example, His Majesty’s Revenue and Customs has demanded that the British hodlers declare any crypto they failed to report in the last four, six, or even 20 years.

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