BETTING KENYA Kenya: No Reprieve for Betting Firms 4 years ago Samuel Post Views: 1,040 The Kenya Revenue Authority (KRA) has ordered gaming companies to start submitting the revenue collected from the 20 percent excise tax deducted from stakes placed by punters. The Finance Act 2019 introduced excise tax on stakes placed on bookmakers by punters. KRA has also ordered the gaming companies to display the same deductions on betting slips. “All stakes placed on bookmakers shall attract excise duty at the rate of 20% which shall be charged at the time of staking and remitted to the Commissioner of Domestic Taxes on or before the 20th day of the following month,” – partly reads a letter from the taxman to gaming companies Most gaming companies are yet to implement this, but KRA has now threatened to take action. “We, therefore, request that you charge excise tax on all stakes and display the same in your bet slip. We thank you for your continued compliance and wish to register our appreciation for the great partnership that has seen tremendous growth in revenue generated from the industry. However, we wish to inform you that non-compliance of the new amendments will attract tax recovery measures as provided for in the Tax Procedures Act,” – the letter adds KRA has now written to individual gaming companies to submit the excise tax that they should ideally have deducted from the 7th of this month to the 20th. KRA also imposed a 20 percent withholding tax on all winnings on compliant betting firms from July this year. All betting firms seeking to renew their licenses and new entrants also have to adhere to the new regulations by the taxman. This further burdens the betting companies as there already exists a 15 percent betting tax and 30 percent corporation tax. Source: allafrica.com 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: 20 percent withholding tax, betting firms, Kenya Revenue Authority Continue Reading Previous SportPesa reconsidering its options in Kenyan gambling marketNext Africans Getting Hooked To Sports Betting Due To Smartphone Usage More Stories BETTING KENYA Magical Kenya Open Tips 2024 8 hours ago Szarlot BETTING ZAMBIA Jai Chilufya: «My hand is stronger than ever before» 8 hours ago Tools BETTING TANZANIA Tanzania and the growth of the sports betting market 1 day ago Samuel BETTING NIGERIA Navigating Regulatory Challenges and Seizing Opportunities in African Sports Betting 2 days ago Tools BETTING HOT NEWS KENYA Sports betting comes to X (Twitter), but not yet live in Kenya 2 days ago Samuel BETTING NIGERIA Stakers reject Reps’ move to stop sports betting 2 days ago Szarlot BETTING NIGERIA Bet Naija attendant, friend arraigned for allegedly stealing N16.7m 1 week ago Szarlot BETTING GHANA Soccabet And The Ghanaian Youth 1 week ago Szarlot BETTING SOUTH AFRICA FSB and SuperSportBet unveil partnership for tailored South African content 1 week ago Samuel BETTING UGANDA Ugandan BetPawa Customer Wins Shs 397m 1 week ago Samuel BETTING KENYA Research reports the rise of betting addiction in Kenyan youths 1 week ago Szarlot BETTING UGANDA The Bangbet and StarTimes Alliance 2 weeks 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.