Banner 3 Banner 2
East AfricaKenyaNews

87 More betting firms onboarded in New Kenya Revenue Authority System

Starting in October 2022, sports betting sites in Kenya were onboarded into KRA‘s new system with the intention of daily collecting 7.5 percent Excise Duty on bets and 20 percent Withholding Tax on winnings. KRA Betting Tax System

It paid off as the betting sector generated Sh8.7 billion in revenue as of June 7, 2023.

Tax at source is a recent, widespread trend that enables government administrations to collect taxes directly from taxpayers as opposed to using the long-standing self-assessment system.

KRA is relying on the initiative to rapidly track betting company taxes and close tax evasion loopholes.

Read Also: Finance Bill 2023, A Bad Idea for The Sports Industry in Kenya

The chair of the Betting Control and Licensing Board (BCLB), Jane Makau, stated that the board is committed to expediting tax payments from the industry in order to increase revenue mobilization and collection.

With integration, the daily visibility is providing daily trends upon which compliance measures can be taken.

she said

According to Makau, All betting and gaming businesses doing business in the nation will have to sign up for the system.  

I wish to reiterate the Government position that all gaming operators in the industry must board. It is therefore right to say that the ability to onboard will be a requirement for licensing.

said the BCLB Chairperson.

[email protected]

Subscribe to our channel on Telegram here for timely live updates on all happenings in the iGaming space in Africa. You may also join our group on Telegram here and grow your networks by interacting with all players in the iGaming sector in Africa KRA Betting Tax System

Jeremiah Maangi

A trusted igaming leader & author for articles bringing positive change in the African gambling industry. African gambling domains broker. Intelligent knowledge of customer acquisition and retention strategies. Available for new & existing gambling operations consulting and marketing services in Africa. Crypto enthusiast.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

You cannot copy content of this page