BETTING KENYA Betting & Gaming Sites Pay KSh 6.6 B as Excise Duty in 2022/23 3 months ago Szarlot Post Views: 139 The Betting and Gaming Sector in Kenya paid KSh 6.64 billion in Excise Duty to Kenya Revenue Authority(KRA) at the close of the 2022/23 financial year ended on 30th June this year. This is compared to a target of KSh 5.715 billion, reflecting a surplus collection of KSh 925 million. This increase in excise duty on betting is a growth of 30% compared to the same period in the 2021/22 financial year. Propelled by this performance, KRA has now embarked on an integration plan that will see 87 more betting firms roped into the real-time collection platform of excise & withholding taxes. This will add to the 36 betting firms already integrated. In a statement, KRA attributes the performance to the integration of these firms into its tax system. The Authority has already commenced integration of the remaining 87 such firms and this is expected to boost its collections. Betting firms that are already linked to KRA are 36 The integration began in October 2022, targeting a daily collection of 7.5% excise duty on stakes and 20% withholding tax on winnings from these firms. The Authority has scaled up its collections in the betting and gaming sector with daily visibility of the firms providing trends that inform compliance measures. KRA has readily available data from these firms’ daily transactions, which facilities verification of daily remittances by taxpayers. The integration is part of the Authority’s Tax-a-Source initiative, a global trend that allows the collection of tax information and revenue directly at the source of income on a real-time basis. The Authority is implementing reforms to move towards seamless taxation by ensuring that its systems, taxpayers, and businesses are integrated. Source: kenyanwallstreet.com 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 Who owns betPawa?Next Campaigner Groups Take Kenya’s Government to Court More Stories BETTING TANZANIA SportPesa plays a crucial role in turning boxing a money-making business 2 days ago Samuel BETTING KENYA Betwinner Expands Sport Betting Options to Over 45 Sports 2 days ago Samuel HISTORY KENYA Sports in Africa: A Tapestry of Culture, History, Identity 2 days ago Samuel BETTING KENYA Nairobi Businessman Wins KSh 2m SportPesa Jackpot 5 days ago Samuel BETTING SOUTH AFRICA Pariplay® set for rapid South African expansion following Bet Network deal 5 days ago Samuel BETTING UGANDA Bookmakers in Uganda: Which Sites Offer the Fastest Payouts? 6 days ago Samuel BETTING NIGERIA Nigeria’s Portable Becomes LuckyBet Brand Ambassador 6 days ago Szarlot BETTING NIGERIA Eguavoen, Amokachi laud sponsor of grassroots football tourney 6 days ago Iwo Bulski BETTING KENYA Ten new betting firms enter market within two months 7 days ago Samuel BETTING NIGERIA With the 1xBet support, 1XCUP starts in Lagos – a football tournament for amateur teams with a 5,000,000 NGN prize pool 7 days ago Iwo Bulski BETTING NIGERIA Abios Powers Nigerian Esports Betting Brand Oyawin with Data and Widgets 7 days ago Iwo Bulski BETTING WORLD NEWS BetConstruct introduces iGaming Bot, a new application for Telegram 1 week ago Samuel 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.