BETTING KENYA Kenya: No Reprieve for Betting Firms 3 years ago Samuel Post Views: 939 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 EXPERTS KENYA KRA gains more from gaming and betting collections 12 hours ago Iwo Bulski EXPERTS KENYA Betting firms inflating sponsorships to avoid taxes 13 hours ago Szarlot BETTING ZAMBIA How to bet on Sport in Zambia – Tips for Beginner 1 day ago Szarlot EXPERTS KENYA Kenyan Govt Invites Public Submissions in the Creation of National Lottery 2 days ago Szarlot BETTING ZAMBIA Betway Casino Taking Zambia By Storm 2 days ago Szarlot EXPERTS KENYA Naira Marley advises Muslims to forget betting during Ramadan 3 days ago Samuel KENYA LOTTERIES Ruto boosts national lottery plan with two new Bills 3 days ago Szarlot BETTING HOT NEWS SOUTH AFRICA Sports betting, turnover is growing but so are suspicious matches 6 days ago Iwo Bulski BETTING EXPERTS Is Long-Term Betting a Smart Investment Strategy? 6 days ago Szarlot BETTING KENYA MossBets Steps Up Virtual Gaming In Kenya 7 days ago Samuel BETTING NIGERIA Can Nigeria Return to the World Cup Finals in 2026? 7 days ago Samuel EXPERTS KENYA The Future of Online Lotto Payments: Cryptocurrencies and Digital Wallets 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.