Kenya's tax authority to track and tax crypto transactions with real-time tax system
- KRA plans to implement a real-time tax system for cryptocurrency transactions.
- The new system will capture transaction details like date, time, type, and value.
- KRA cites significant revenue losses due to an outdated tax system.
The KRA's initiative to modernize its tax collection system is a proactive step towards adapting to the evolving financial landscape, particularly with the rise of cryptocurrencies. However, the effectiveness of these measures will depend on the implementation and public compliance, as well as the ability to navigate the complexities of digital currencies.
