Sportspesa and Betin close shop in Kenya

With the new tax imposed on the betting company of 20%, this has seen some betting companies to call a standoff and close there outlets in protest of this tax.

The closure of these shops and outlets will see majority of employees who had been working in such firms { spotspesa and betin} in outcry country wide since this has been their source of income in trying to meet there basic needs. Over 2500 who depend directly will be out of jobs in coming days

Straining of government revenue.

And in terms of government revenue this will lead to a decline in revenue hence straining the economic progress of the country if something legal is not done immediately. Finally {Betin and Sportspesa} betting firms have finally thrown a towel, these firms have finally halted their operations and are set to send thousands of their workers home after prolonged tax standoff with Kenyan government.

To a shocking news the betting company which had been making indications of resuming work again is now disappointed by the Kenyan government decision of and imposed tax here talking of 20% tax excise on all betting companies.

Tax will affect total winnings of customers

Looking at the effects of this tax to the customer is that it will withhold a tax on each winning the economic incentive to place bets will be completely removed as this tax will deprive customers of their total winnings as said by the firm. Reduction in sports in Kenya as a result of 20% tax excise

And to add on this will have severe consequences on licensed betting companies which dutifully pay their taxes and will lead to decline in government tax revenue to near zero and will halt all investments in sports in Kenya.

Source: citizentv.co.ke

About Post Author