EXPERTS KENYA KRA to milk more from betting craze 1 month ago Szarlot Post Views: 60 The Kenya Revenue Authority will raise more money from gamblers under proposed changes that raise the excise on betting stakes. The Finance Bill, 2023 has proposed to change the definition of a winning bet to include betting stakes besides raising the excise tax on antes to 20 percent from current 7.5 percent. Presently, the winning bet amount is arrived at by deducting the amount staked from that won. The change means that betting stakes will now be taxed twice, earning KRA millions more from gamblers. The two changes are the latest moves by the government to discourage betting among the youth and unemployed Kenyans while claiming a large slice of the wagered billions. “Winnings” means the payout from a betting, gaming, lottery, prize competition, gambling or similar transaction under the Betting, Lotteries and Gaming Act without deducting the amount staked or wagered,” the Finance Bill reads. Currently, gamblers pay 7.5 percent excise on betting stakes and a further 20 percent as withholding tax from every winning bet. The definition of a winning bet has in the past led to vicious court battles between the KRA and betting firms as the taxman demanded billions of shillings from gaming companies. SportPesa and Betika Kenya halted operations in Kenya for a period four years ago at the peak of the fights with the taxman, with the duo citing a large hike in taxes on betting stakes and unresolved disputes as reasons for the stoppage. Source: businessdailyafrica.com About Post Author Szarlot I am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. See author's posts SzarlotI am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. Facebook Twitter LinkedIn Email Print Tags: gambling, Kenya, law, Revenue Authority Continue Reading Previous Estonia Considers Increased Taxes for OperatorsNext Betting rules are about to change: Here is how More Stories EXPERTS WORLD NEWS iGG Day Two Recap: A Successful Summit Comes To A Close 11 hours ago Iwo Bulski EXPERTS UGANDA Esports Betting in Africa: Opportunities and Challenges 15 hours ago Samuel EXPERTS KENYA Kenya: New OCS To Combat Nakuru Gangs 2 days ago Szarlot EXPERTS HOT NEWS SOUTH AFRICA SA has made over R34 billion in Gross Gambling Revenue (GGR) 3 days ago Szarlot BETTING KENYA Get Started with Sports Betting in Kenya 3 days ago Szarlot EXPERTS WORLD NEWS Capitalising on iGaming: The Rise of Affiliate Programmes 3 days ago Tools BETTING KENYA How Kenyan Sports Betting Newcomers Are Becoming Popular 4 days ago Samuel BETTING KENYA How to Avoid Unhealthy Gaming Habits 4 days ago Szarlot EXPERTS KENYA Kenya Kwanza MPs To Defend Ruto’s Fiscal Reform Agenda 7 days ago Samuel EXPERTS GHANA Convenient Payment Methods for Ghanaian Online Casino Enthusiasts 7 days ago Szarlot BETTING KENYA Esports Melbet betting – take a risk and win 7 days ago Szarlot BETTING KENYA Suspension of online casino services in Kenya 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.