BETTING HOT NEWS KENYA KRA to monitor your Mobile Money transactions 1 month ago Samuel Post Views: 137 Kenyans using Lipa Na M-Pesa services will have to submit real-time transaction data to the Kenya Revenue Authority (KRA) for tax monitoring. KRA revealed plans to integrate its systems with telecommunication firms to monitor mobile money, airtime and internet transactions. Business owners using Lipa Na M-Pesa services will have their daily value of transactions subjected to real-time monitoring in a move aimed at curbing tax evasion. Ruto’s tax collection plans The taxman rolled out the programme to integrate its systems with companies in a bid to meet President William Ruto’s tax collection target that aims to “collect every shilling due”. KRA domestic tax acting commissioner David Mwangi said the process of linking the authority’s systems with telcos is ongoing – under the pilot stage. “The integration with telcos is aimed at enhancing the visibility of real-time transactions and, as a result, provide daily trends upon which compliance measures can be taken to enhance revenue collection,” – said Mwangi, as quoted by Business Daily. The integration is aimed at netting traders using digital and mobile wallets to make transactions and under-declare sales to avoid tax. Mobile money transaction value The value of cash handled via mobile money agents increased by 4.97% to KSh 7.811 trillion for the year ending June 2023, the Central Bank of Kenya (CBK) reported. Safaricom’s financial year 2022/23 results showed Kenyans transacted over KSh 35 billion via M-Pesa. The report released in May 2023 indicated a 21.4% growth in M-Pesa transaction value to KSh 35.9 trillion. “Total M-PESA transaction volume increased by 33.5% year on year to KSh 21 billion. New growth areas referenced in M-Pesa include the Pochi la Biashara (wallet for micro or small businesses), business transacting tills and the merchant credit facilities,” – said Safaricom Chief Financial Officer Dilp Pal. If the systems are fully integrated into the telcos, KRA could increase its revenue collection, as it gained from betting firms. KRA revenue collection The taxman reported a 23.9% growth in tax to KSh 15.1 billion from betting and gaming firms for the fiscal year ending June 2023. This followed the integration of its tax system with the betting companies for real-time tax collection early in the year. Total revenue collection grew by 6.7% to KSh 2.166 trillion for the same period under review. In March 2023, KRA acting commissioner-general Rispah Simiyu revealed the authority collected KSh 1.554 trillion, representing an 8% growth compared to a similar period in 2022. Source: TUKO.co.ke 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: Kenya, mobile money, Safaricom, tax Continue Reading Previous Top 3 Bookmakers in Ghana with Highest OddsNext PariPesa is Expanding its Presence Across Africa! More Stories BETTING KENYA Nairobi Businessman Wins KSh 2m SportPesa Jackpot 2 days ago Samuel BETTING SOUTH AFRICA Pariplay® set for rapid South African expansion following Bet Network deal 2 days ago Samuel BETTING UGANDA Bookmakers in Uganda: Which Sites Offer the Fastest Payouts? 3 days ago Samuel BETTING NIGERIA Nigeria’s Portable Becomes LuckyBet Brand Ambassador 3 days ago Szarlot BETTING NIGERIA Eguavoen, Amokachi laud sponsor of grassroots football tourney 3 days ago Iwo Bulski BETTING KENYA Ten new betting firms enter market within two months 4 days ago Samuel BETTING NIGERIA With the 1xBet support, 1XCUP starts in Lagos – a football tournament for amateur teams with a 5,000,000 NGN prize pool 4 days ago Iwo Bulski BETTING NIGERIA Abios Powers Nigerian Esports Betting Brand Oyawin with Data and Widgets 4 days ago Iwo Bulski BETTING WORLD NEWS BetConstruct introduces iGaming Bot, a new application for Telegram 5 days ago Samuel BETTING KENYA Team Capital FM in Action At the Casino Cup 6 5 days ago Szarlot KENYA ONLINE What kind of betting predictions are available to bettors in Kenya? 5 days ago Szarlot BETTING GHANA PCG Moderator calls on government to crack down on sports betting 5 days ago Samuel 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.