KRA Tax Integration Boosts Betting Sector Revenue by 30%

The Kenya Revenue Authority (KRA) has reported a 30% growth in revenue from the betting sector after successfully integrating numerous betting companies into its tax system.

The Authority’s implementation of new tax procedures within the betting sector resulted in the collection of over KES 15.100 billion from Excise on Betting and Withholding Tax on Winnings.

KRA’s tax collection performance reflected a significant growth of 23.9% from the tax heads, compared to the same period in the financial year 2021/2022. The Withholding Tax on winnings also netted KES 8.601 billion, marking an increase of 21.1% from the previous fiscal year.

One of the most remarkable performance metrics was the Excise Duty on Betting, which registered an outstanding growth of 116.2%. KRA collected KES 6.640 billion against a target of KES 5.715 billion, reflecting a surplus collection of KES 925 million. This increase represents a 30% growth compared to the same period in the previous financial year.

“The strong performance is largely attributed to the successful integration of betting companies into the KRA tax system. So far, we have integrated 36 companies, which contributed significantly to the sector’s revenue growth.”

– said a representative from KRA.

KRA says it has already begun the process of integrating an additional 87 betting firms into the system, a move expected to further boost revenue collection from the sector. The integration began in mid-October 2022, targeting daily collection of the 7.5% Excise Duty on stakes and the 20% Withholding Tax on winnings from the companies.

Source: tech-ish.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

Samuel

I am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos.