In its campaign against income leakages, the Kenya Revenue Authority (KRA) continues to integrate 87 previously suspended betting enterprises onto its platform. Kenya Revenue Authority Integration
According to KRA, the integration will allow for the rapid computation and transmission of betting enterprises’ taxes after midnight each day and by 7 a.m. the next day.
KRA has commenced the integration of the final 87 betting firms into the system. This is expected to significantly enhance revenue collection from the sector.KRA statement read in an update.
According to the taxman, 36 betting enterprises had previously been integrated, contributing to a large increase in betting and gaming sector revenue. Kenya Revenue Authority Integration.
KRA intends to collect a daily excise charge of 12.5% on bets and a withholding tax of 20% on betting firm earnings.
The tax collection from the betting and gaming sector increased by 23.9% over the previous year due to the inclusion of betting enterprises on the KRA’s radar.
According to KRA data, the excise duty collected from betting increased by 116.2%, totaling Sh6.64 billion. Withholding tax on prizes increased by 21.6%, resulting in a net of Sh8.6 billion.
The KRA tax target of Sh5.72 billion was met with a Sh925 million excess.
Excise Duty on Betting registered an exceptional performance of 116.2 percentafter KRA collected Sh6.64 billion from the sector. The increase in Excise duty on betting reflects a growth of 30 percent compared to the same period in FY 2021/2022. The performance is attributed to the integration of betting companies into the KRA tax system.stated KRA in a press release sent to newsrooms.
The 87 betting companies must be properly integrated with KRA systems by May 12, when a real-time deposit of betting taxes becomes mandatory. Kenya Revenue Authority Integration.
Check out the latest news here and you are welcome to join our super exclusive iGaming Afrika Telegram Forum for all the latest and breaking news in the African Gambling industry. We would also like to hear from you, Message us on Telegram here or write to email@example.com Kenya Revenue Authority Integration.