BETTING KENYA Taxman clears 105 betting companies to get permits 7 months ago Szarlot Post Views: 367 The Kenya Revenue Authority (KRA) has cleared 105 betting firms paving the way for the issuance of their operating licences in the financial year ending June 2023. The taxman said it cleared the firms between the start of last month and August 5 setting the stage for the renewal of their licences by the Betting Control and Licensing Board (BCLB). Betting firms have in recent years been caught up in disputes with the taxman, leading to the controversial exit of some of the firms most notably SportPesa and Betin. “Between July 1 and August 1, 2022, a total of 105 companies have been cleared by KRA for issuance of BCLB licence,” – the taxman told the Business Daily. The KRA has in the past been embroiled in tax disputes with betting firms, the most notable cases being three years ago. The taxman was pushing for tax arrears estimated at more than Sh90 billion from SportPesa (previous under Pevans East Africa) and Betin prompting a stand-off that led to the closure of businesses by the two firms. The tax disputes have mainly centered on the amount that the betting firms should have withheld from punters for the winning bets. The government re-introduced a 7.5 percent tax on betting stakes from July last year in a bid to make the venture less attractive. The tax is in addition to the 20 percent that is charged on every winning bet. Betting firms withhold this tax on behalf of the KRA. Betting firms are also taxed on the gross gaming revenue — turnover minus winnings paid out — at a rate of 15 percent. They also pay corporate tax on profits at a rate of 30 percent. But the betting firms have defied the increased taxation and grew to 118 in the 2021/22 financial year from 100 a year earlier. Clearance for licensing by the BCLB is subject to approval by a multi-agency committee highlighting the tightened scrutiny by the State on an industry that has been flagged for money laundering. 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: betting, Kenya, license, tax Continue Reading Previous Mobile Betting in Uganda – Why Is It So Popular?Next Waxibet Out To Change Sports Betting Narratives In Nigeria More Stories BETTING NIGERIA PARIPESA Pays Out 500 Million Naira One-Night Win 21 hours ago Samuel BETTING UGANDA Pastor closes church after winning over 100m from sports betting 21 hours ago Szarlot EXPERTS KENYA The Normalisation of Mobile Money in Sub-Saharan Africa 21 hours ago Szarlot BETTING NIGERIA BetKing Celebrates Nigeria’s New Para World Champion 4 days ago Samuel BETTING NIGERIA Why Sports Betting Continues To Gain Traction in Nigeria 4 days ago Szarlot BETTING WORLD NEWS Parimatch suspends B2C operations in Ukraine 7 days ago Szarlot BETTING BetKing Nigeria Launches Jackpot 7 days ago Szarlot BETTING NIGERIA Online betting is making many Nigerian youths go broke 7 days ago Iwo Bulski BETTING KENYA Why there’s little corporate support in sports management 1 week ago Samuel BETTING UGANDA Ugandan among three suspects detained in Kenya over match fixing 1 week ago Szarlot BETTING KENYA Flutterwave’s troubles in Kenya yet to end as second case proceeds 1 week ago Samuel BETTING KENYA Sportsbet.io Brings Cryptocurrency Golf Betting to Kenya 1 week 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.