Kenya Revenue Authority Aims To Impose Stricter Tax Compliance
By conducting in-person inspections of all physical locations and kiosks, the KRA shows they are not messing around. The financial situation in Kenya is slowly spiraling out of control. Small business owners are once again being targeted by the local Revenue Authority. Owners of a kiosk may find themselves forced to pay tax very soon, and door-to-door inspections to ensure tax compliance will be conducted. Another big boon for Bitcoin adoption, or a sign of more worrisome things to come? Anyone who owns a kiosk in Kenya for their small business may find themselves n a bit of a pickle. The....
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The Kenya Revenue Authority (KRA) is expecting to earn up to 5 billion Kenyan shillings ($45.5 million) during the first half of 2020 from a new tax that targets cryptocurrency exchanges and other online services, according to a top KRA official. First proposed in August 2020, the digital service tax (DST) came into force on Jan. 2 amid concerns over implementation. The tax is charged at the rate of 1.5% on gross transaction value with every crypto sale. Both local and foreign digital asset exchanges operating in the country will also pay the tax to the Kenyan government. Foreign exchanges....
The Kenya Revenue Authority (KRA) has clarified that its planned digital service tax (DST) will be applicable to cryptocurrencies at a rate of 1.5% on gross transaction value, local media reported. In August, the agency announced new rules for the taxation of what it calls “digital marketplaces.” However, with oblique definitions on such key terms, it has not been clear who exactly will be taxed under the new regulations that come into force on Jan 1, 2020. Now, KRA tax expert Nixon Omondi has appeared to set the record straight. “As the law is, any person who will be....
U.S. President-elect Donald Trump has pledged to declare China a currency manipulator on day one of his presidency. During his campaign, he also repeatedly pledged to impose a 45% tariff on Chinese goods. His promises risk creating a trade war between the U.S. and China which could weaken the yuan and accelerate Chinese capital outflows. When the yuan....
The U.K. government has announced plans to impose new rules on cryptocurrency ads to ensure they are fair, clear, and not misleading to consumers. The rules will be enforced by the Financial Conduct Authority (FCA).
UK to Impose New Rules on Crypto Ads
The U.K. government announced Tuesday plans to impose new rules on cryptocurrency advertisements to “protect consumers from misleading claims.” The announcement states:
New rules will increase consumer protection while encouraging innovation.
The U.K. chancellor of the exchequer, Rishi Sunak, commented:....
To eliminate the financial security issues a lot of African e-commerce users have suffered from, Bidorbuy, Africa’s largest online market, began accepting Bitcoin payments March 3. The integration of Bitcoin relieves e-commerce platforms from storing sensitive financial data on their local servers, reducing the risk of a data breach and leak of personal user information. By providing Bitcoin as one of its main payment methods, Bidorbuy aims to lead the growth of the e-commerce industry in Kenya and South Africa. Bidorbuy has more than 700,000 items listed on its online marketplace and....