KRA Onboards 87 More Betting Firms Into Its System

The Kenya Revenue Authority (KRA) has onboarded 87 betting firms into its system, allowing real-time computation of taxes. KRA is banking on the intiative to track taxes on betting firms instantly, removing tax evasion loopholes.

Betting Control and Licensing Board (BCLB) Chairperson Jane Makau said the board is committed to streamlining tax remittance from the sector with the aim of scaling up revenue mobilization and collection.

“With integration, the daily visibility is providing daily trends upon which compliance measures can be taken,” – she said.

Makau stated that all betting and gaming companies operating in the country will be required to join the system.

“I wish to reiterate the Government position that all gaming operators in the industry must board. It is therefore right to say that the ability to onboard will be a requirement for licensing,” – said the BCLB Chairperson.

Onboarding of punters into KRA’s platform started in October 2022, with the goal of collecting 7.5 percent Excise Duty on bets and 20 percent Withholding Tax on wins daily.

It paid off when revenue collection in the betting industry as of June 7, 2023 hit Sh8.7 billion.

Tax at source is a new, global trend that allows government administrations to collect taxes directly from taxpayers instead of using the self-assessment system that has been in place for years.

Source: capitalfm.co.ke

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Szarlot

I am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry.

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Szarlot

I am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry.