EXPERTS KENYA KRA rolls out new system targeting Sh500 million tax daily 3 weeks ago Iwo Bulski Post Views: 114 President Ruto: I will not wait for anybody to file a return at the end of the month. We will be paying taxes as we spend our money The Kenya Revenue Authority (KRA) has implemented key changes to the tax system regarding the betting industry. As part of its aim to increase tax compliance in the billion shiling gambling industry, betting companies are now required to pay taxes daily by 1:00am. The KRA has linked its systems with those of around seven sports gaming firms in order to plug the loopholes of tax leakages that were exacerbated by the 30-day time lag. Taxes were normally paid after 30 days. However, the betting companies have been remitting the taxes they collect every day by 1:00 am when a lot of Kenyans stop betting. The new system will allow real-time computation of taxes and track the 15 percent tax on betting, gaming and lottery as well as the 20 percent withholding tax on winnings collected every day. National Treasury projects to collect Sh15 billion from betting this year, and as a result, the KRA aims to collect approximately Sh500 million from betting firms daily. In a recent joint media interview, President William Ruto has hinted that KRA was in the final stages of developing a new tax system to ensure it collects close to 100% of all collectable taxes in Kenya. This means that after being piloted in the betting industry, KRA could expand the new system to other industries. “We are installing a new tax system which is going to drive the collection of value-added tax to between 90% to 97%,” – Ruto said. He added that the new system would close the revenue gap in the country, whereby KRA is only collecting about 60% of all collectable taxes. The head of state said that the key to getting the country out of the debt hole is to put the brakes on additional borrowing and increase revenue collection “Every government service where tax is payable is going to be collectable online. I will not wait for anybody to file a return at the end of the month. We will be paying taxes as we spend our money or as we do our businesses” – he said. He added that everybody will have to pay Caesar what belongs to Caesar and there will be no exceptions. The president said KRA has a target to collect Sh500 billion by June 2023, an extra Sh1 trillion in 24 months and double the tax collection by 2027. Source: pulselive.co.ke About Post Author Iwo Bulski Issues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. See author's posts Iwo BulskiIssues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. Facebook Twitter LinkedIn Email Print Tags: changes, Kenya, President Ruto, taxes Continue Reading Previous Gambling encouraging ‘Yahoo-Yahoo’Next SiGMA Group prepares for a busier 2023 More Stories EXPERTS RWANDA Adam Bradford launches centre to train youth in Rwanda 3 days ago Iwo Bulski EXPERTS KENYA BetEngines launches the first Sportsbook software solution tailor-made for the African market. 3 days ago Adeleye Awakan EXPERTS KENYA Ronald Karauri’s Inspiring Journey from Pilot to SportPesa Billionaire 4 days ago Szarlot KENYA ONLINE The Rise of Crypto Casinos in Kenya 4 days ago Samuel EXPERTS KENYA Betting firms rush to comply with new tax regulations 5 days ago Samuel EXPERTS SOUTH AFRICA The Gambling Laws of South Africa 5 days ago Szarlot KENYA ONLINE NCC, NLRC collaborate to fight illicit gamers 6 days ago Samuel BETTING KENYA Bangbet Review: Everything You Need to Know 6 days ago Szarlot BETTING KENYA Which way for betting tax as bill up for debate? 6 days ago Szarlot EXPERTS NIGERIA Paying deeper attention to our youths 6 days ago Samuel EXPERTS MOROCCO 6 Weeks Remain Until Gaming Industry Leaders Unite at GEFA 2023 7 days ago Iwo Bulski BETTING KENYA Protected: Kenya: How Betway and SportyBet evaded billions in taxes 7 days 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.