EXPERTS KENYA The new tax proposal in Kenya 3 years ago Samuel Post Views: 600 The Ministry of Finance is seeking to reintroduce excise duty on betting at a rate of 20 percent of the amount staked. This means total taxes would exceed 86.5 percent, which could again bring closure of some betting firms due to the unfavorable working environment. Here is a list of all the taxes that betting companies would have to pay: 20 percent Excise Tax on betting stake 1.5% Digital service tax on betting tax 15 percent Betting Tax Tax on winnings 20 percent Income tax 30 percent Additionally, the return on investment in Kenya through the payment of profits/repayment of loans would be subject to additional taxation in Kenya, which would lead to the situation that due to the applied tax policy, doing business in Kenya would not be commercially viable. Reintroducing excise duty on betting, total taxes would exceed 86,5 percent. The negative effects of stringent measures could again bring closure of some betting firms Foreign companies describe the Kenyan market as an over-taxed and unfair operating environment. The companies in the industry are already paying high fees, and additional taxes are being proposed, which do not exist in Europe or America. In England, the tax on the difference is 20 percent, and there is no tax on winnings or stake, Kenya would be one of the few countries in the world to adopt this model of taxing the gambling industry. Excise duty on betting was introduced in 2019 but was removed in July last year. One of the reasons behind removing the tax was that the high level of taxation had led to punters placing bets on foreign platforms that were not subject to tax and thereby denying the government revenue. Parliament scrapped the excise tax saying that it is meant to reverse the negative effects of stringent measures that included the closure of some well-known betting firms. That closure led to job losses for hundreds of Kenyans and a revenue gap to the taxman who had annually collected billions of shillings in taxes from the betting industry. Gaming companies are big sponsors of Kenyan sports and generally have a great impact on the community. They have especially stood out with donations during the coronavirus pandemic. Source: ghafla.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 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, KRA, tax Continue Reading Previous How are African Markets Able to Compete More?Next Tips and tricks to master online casino games. More Stories EXPERTS GHANA Can you bet on football with crypto? What you should know 7 hours ago Szarlot BETTING KENYA University student hangs self after losing KSh15,000 school fees to betting 7 hours ago Samuel BETTING KENYA Bangbet Charges Ahead with Renewed Sponsorship for Josiah Kariuki 7 hours ago Samuel EXPERTS SOUTH AFRICA The BiG Africa Summit 2024: Day Two Recap 2 days ago Iwo Bulski EXPERTS NIGERIA Bandits funding terrorism through crowdfunding, betting platforms 2 days ago Samuel BETTING KENYA Odibets unveils Sh5m sponsorship for Kenya Women 3X3 basketball team 3 days ago Szarlot EXPERTS KENYA Tappi expands services across Africa beyond Kenya and Nigeria 3 days ago Samuel KENYA ONLINE iGaming’s Global Growth: From Africa to North America 3 days ago Szarlot KENYA ONLINE Kenya’s Blockchain Association Makes Plea for Detained Binance Executives 3 days ago Samuel BETTING KENYA Kayole Matatu Driver Newest Millionaire in Town After Winning KSh 3.4m 1 week ago Samuel EXPERTS NIGERIA How NLRC Plans to Regulate Gaming 1 week ago Szarlot EXPERTS UGANDA Top 5 highest-paying jobs in Africa in 2024 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.