BETTING KENYA Betting firms tax remittance hit Ksh 15B in FY2022/23 2 months ago Szarlot Post Views: 186 Integration of betting and gaming companies into the Kenya Revenue Authority (KRA) tax system enabled the taxman to collect Ksh 15.2 billion in excise duty and withholding tax from 28 taxpayers that have been on-boarded during the fiscal year ended June 30, 2023. KRA Commissioner General Humphrey Wattanga said the agency is banking on the ongoing tax policy reforms to hit its Ksh 3 trillion revenue target in the 2023/24 financial year. The taxman has the huge task of raising Ksh 2.77 trillion by June 2024 and surpassing the 3 trillion mark by the fy2024/25. To deliver this KRA is banking ongoing tax policy reforms among them the taxation at source program that includes among others the integration of the betting companies into the KRA tax system. This has seen the tax agency raise a total of Ksh 15.2 billion in FY2021/22 of which excise on betting registered Ksh 6.64 billion and Ksh 9.35 billion in withholding tax. The use of the Electronic Tax Invoice Management System is another avenue KRA initiative under the program allows KRA to collect information and revenue directly at the source of income on a real-time basis. During the period in review, a total of 95,732 VAT registered taxpayers on board which led to remittances of Ksh 272.36 billion. Wattanga says KRA will also intensify demand notices and the debt installment plans agreed upon with taxpayers, which netted 64.6 billion during the period in review as well as enhanced uptake of eTIMS to aid in achieving its revenue target. Source: kbc.co.ke About Post Author Szarlot I am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. See author's posts SzarlotI am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. Facebook Twitter LinkedIn Email Print Tags: betting, Kenya, KRA, tax Continue Reading Previous Unlocking the power of mobile trading: A financial revolution in KenyaNext Digital wallets as an enabler for financial services in Africa More Stories BETTING KENYA Odibets To Reward Customers With 100 ‘Mbuzis’ For Christmas 1 day ago Samuel BETTING GHANA Bangbet is now available on Google Play Ghana! 1 day ago Szarlot BETTING KENYA Sportspesa risks losing license if found guilty of disobeying court order 4 days ago Szarlot EXPERTS KENYA Gamblers stake Sh620 billion in four years as betting craze rises 4 days ago Samuel BETTING KENYA Gamblers stake Sh620 billion in four years as betting craze rises 5 days ago Szarlot BETTING NIGERIA Nigerian Bookmakers Strengthen Partnership with Gamble Alert 5 days ago Samuel BETTING NIGERIA The Dark Side of Virtual Betting 6 days ago Szarlot BETTING Growing Popularity of Horse Racing 6 days ago Szarlot BETTING NIGERIA How to Watch the African Cup of Nations? 6 days ago Samuel BETTING NIGERIA The innovative Melbetapk.com betting app 1 week ago Szarlot BETTING ONLINE The Interplay of Fantasy Sports and Sports Betting 1 week ago Szarlot BETTING Turn Your Football Passion Into Lucrative Bets and Win Big! 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.