Digital assets tax takes effect on September 1
Starting today, the Kenya Revenue Authority will heighten its visibility of transactions and stock levels across businesses as the government continues to roll out measures seeking to rake in an additional Sh 211 billion worth of tax collection in the current financial year.
This is just one of the second round of new tax measures introduced by the Finance Act of 2023.
KRA will only accept invoices generated through the electronic tax invoice management system, popularly known as eTIMS, for any businesses which want to claim allowable deductions in arriving at their income tax.
This means that the taxman looks to widen the reach of eTIMS beyond the present provision where it is limited to business ventures whose annual turnover stands at 5.0 million shillings and above.
eTIMS is designed to ensure that KRA has real time access to the transactions a business is undertaking, as well as the stock levels.
Further, Kenyans who engage in the trading of crypto assets such as Bitcoin will starting midnight tonight be subjected to a tax at 3.0 percent of the transfer value in line with the amendments of the Finance Act of 2023 on the Income Tax Act.
This is yet another effort aimed at widening KRA’s reach within the budding digital economy, came barely two years after the introduction of the Digital Services Tax.
Also kicking in at midnight tonight is the Export and Investment Promotion Levy which targets anyone importing manufacturing components that are accessible locally.
Among those targeted are persons importing cement clinker.
The three judge bench hearing the petitions challenging the Finance Act of 2023 is expected to pronounce itself on September 13th.
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