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Crypto players withhold tax billions
A parliamentary committee has backed a Bill that will allow the taxation of more than four million Kenyans estimated to be trading in cryptocurrencies. PHOTO | SHUTTERSTOCK
Players in the cryptocurrency sector are withholding billions of shillings in taxes from the Kenya Revenue Authority (KRA) following a circular barring banks from dealing with the industry.
The Block Chain Association of Kenya told the National Assembly’s Finance committee that despite collecting taxes from its clients, the sector is yet to remit the three percent it has withheld from Kenyans selling digital assets.
