Kenya to Revamp Its Crypto Landscape with Innovative Tax Regulations
The Kenyan Revenue Authority (KRA) is proposing a real-time tax system integrated with cryptocurrency exchanges to enhance monitoring of crypto transactions.
This system aims to capture crucial details like transaction time and value for effective tax collection, addressing revenue losses from untracked trades. The KRA also plans to leverage artificial intelligence and machine learning to combat tax evasion, improving efficiency and transparency in its operations.
As Kenya seeks to strengthen its financial position, it has proposed using mobile operator M-Pesa as virtual electronic tax registers starting December 25, 2024. However, these reforms face opposition, particularly among younger Kenyans, amid protests against tax hikes.
Clever Robot News Desk 20th October 2024
