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Kenya Expects to Earn $45.5 Million as Digital Service Tax Takes Effect

Kenya Expects to Earn $45.5 Million as Digital Service Tax Takes Effect
  • Kenya Revenue Authority (KRA) has stated that the newly introduced Digital Service Tax (DST) took effect on January 1.
  • According to a top KRA official, Kenya expects to earn up to 5 billion Kenyan shillings ($45.5 million).
  • The KRA announced that the new tax targets crypto exchanges and other online services.

Kenya Revenue Authority (KRA) has stated that the newly introduced Digital Service Tax (DST) took effect on January 1.

According to a top KRA official, Kenya expects to earn up to 5 billion Kenyan shillings ($45.5 million).

The KRA announced that the new tax targets crypto exchanges and other online services.

After the first proposed date in August 2020, KRA affirmed the digital service tax (DST). They said the DST came into effect on January 1 amid concerns over execution.

“The DST is at the rate of 1.5% on total transaction value with every crypto sale,” KRA added.

The KRA also said that any crypto exchange operating in the country would pay the tax.

According to KRA, the tax is a response to digital activity growth in the country. They also added that the DST would generate $45.5 million in revenue.

To continue, they also stated that the DST would enable companies to add to the country’s growth.

Furthermore, KRA said this would enhance the moral business case for global commerce as practiced in Kenya.

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Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.