Kenya to tax digital assets, NFTs in proposed bill
Kenya will impose a 3% tax on the transfer of digital assets and NFTs under the proposed 2023 Financial Bill despite failing to legally recognize Bitcoin.
Kenya will impose a 3% tax on the transfer of digital assets and NFTs under the proposed 2023 Financial Bill despite failing to legally recognize Bitcoin.
The White House proposes the Digital Asset Mining Energy (DAME) excise tax on such operations, which would phase in to equal 30% of their total energy costs.
The consultation, running until June 22, will be carried out by HM Revenue and Customs, seeking public comments from investors, service providers, and professionals in the decentralized finance space.
Despite losing its court battle against Apple, Epic Games clinched a big win for NFT developers following a ruling of a U.S. appeals court that the tech giant’s anti-steering rules are unlawful.
While it would likely take more than a tax cut to become a leading digital asset player in the Caribbean, Puerto Rico see this as a leverage to attract more foreign investments.
Existing laws on digital assets remain, including the 1% TDS, following the Union Budget, but key industry players remain hopeful that the sector will get the aid it needs with India helming the G20.
Regulating the sector remains on the cards for the United States, as seen in the recent developments in the space, including tax reforms, a new roadmap, and the adoption of virtual currencies as payments.
The report claims that the existing 1% TDS rate is pushing numerous industry service firms out of the country, adding that lowering the rate would still help regulators monitor asset transactions.
If the bill sails through the legislative hurdles, Arizona residents could cast their votes for or against the application of property tax rules to virtual assets.
Stakeholders argue that reducing TDS from 1% to 0.01% would provide competitive prices to India's virtual currency users and safeguard them from unregulated foreign exchanges.
The new products that will be offered by CoinSwitch include mutual funds, stocks, U.S. equities, exchange-traded funds (ETFs), and fixed deposits.
With the new bill, individuals who choose to disclose their holdings within three months of the law's passage will be required to pay only a 2.5% tax on capital gains on digital currencies.