EXPERTS KENYA Betting firms rush to comply with new tax regulations 1 year ago Samuel Post Views: 294 Betting companies have rushed to comply with new KRA regulations that require the firms to remit taxes on a daily basis before 1am. The regulations allow the taxman to plug into various betting platforms for real-time computation of taxes. The move aims at increasing transparency and accountability within the industry and taming rogue entities in the sector. The Kenya Revenue Authority hopes that all companies will be compliant before the second quarter of 2023. BETAFRIQ, a Kenyan betting company owned by PesaBets, has reviewed its operations and trained its employees on compliance to the new rules. The firm has even engaged external auditors to ensure compliance with the regulations. “It is worth noting that the new regulations and tax remittance system have been implemented in an effort to increase transparency and accountability in the Kenyan betting industry,” – the firm said in a statement. BETAFRIQ expressed hopes that all betting companies will join on tax amenability. “The industry is growing in Kenya and it is important for the companies to be compliant and contribute to the development of the country by paying taxes,” – it added. The firm urged betting companies operating in Kenya to ensure compliance with the laws and regulations of the country. The regulations allow real-time computation of taxes including the 15 per cent tax on betting, gaming, and lottery and the 20 per cent withholding tax on winnings paid out to customers. The National Treasury has set a target to generate Sh15 billion from the betting sector in the current year. As a result, KRA aims to collect Sh41.1 million from betting firms on a daily basis. Before, taxes were paid after 30 days. The regulations are part of KRA’s new strategy to increase tax compliance and collect more revenue from the betting industry. National Treasury Principal Secretary Chris Kiptoo said integration of the systems was one of the reforms under the revenue administration. “This is part of the taxman’s new digital strategy to increase tax compliance as the government eyes a bigger slice of the billions made from the gambling,” – he said. The PS spoke at public hearings on the proposed 2023-2024 financial year and medium term period budget on January 11. The regulations were introduced after a pilot programme that linked its KRA systems with those of seven sports gaming firms. Source: the-star.co.ke About Post Author Samuel I am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. See author's posts SamuelI am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. Facebook Twitter LinkedIn Email Print Tags: Betafriq, betting company, Kenya, PesaBets Continue Reading Previous The Gambling Laws of South AfricaNext The Rise of Crypto Casinos in Kenya More Stories EXPERTS GHANA Can you bet on football with crypto? What you should know 3 hours ago Szarlot BETTING KENYA University student hangs self after losing KSh15,000 school fees to betting 3 hours ago Samuel BETTING KENYA Bangbet Charges Ahead with Renewed Sponsorship for Josiah Kariuki 3 hours ago Samuel EXPERTS SOUTH AFRICA The BiG Africa Summit 2024: Day Two Recap 2 days ago Iwo Bulski EXPERTS NIGERIA Bandits funding terrorism through crowdfunding, betting platforms 2 days ago Samuel BETTING KENYA Odibets unveils Sh5m sponsorship for Kenya Women 3X3 basketball team 3 days ago Szarlot EXPERTS KENYA Tappi expands services across Africa beyond Kenya and Nigeria 3 days ago Samuel KENYA ONLINE iGaming’s Global Growth: From Africa to North America 3 days ago Szarlot KENYA ONLINE Kenya’s Blockchain Association Makes Plea for Detained Binance Executives 3 days ago Samuel BETTING KENYA Kayole Matatu Driver Newest Millionaire in Town After Winning KSh 3.4m 1 week ago Samuel EXPERTS NIGERIA How NLRC Plans to Regulate Gaming 1 week ago Szarlot EXPERTS UGANDA Top 5 highest-paying jobs in Africa in 2024 1 week ago Szarlot Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.