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Kenya Ups Its Gambling Tax Speed as Online Betting Booms Across Africa

Dienstag, März 17th, 2020

Kenya Ups Its Gambling Tax Speed as Online Betting Booms Across Africa

In an attempt to corral the growth of a market that has in recent years taken a nation by storm, Kenya has imposed a major tax hike on betting businesses.

Kenyan President Uhuru Kenyatta authorized an increase that is huge gambling fees this week, hoping to slow the development of just what politicians believe is definitely an undertaxed online gambling boom.

On Wednesday, President Uhuru Kenyatta signed a finance bill into law that will levy a 35 per cent tax rate on all gambling revenue for bookmakers, casinos, lotteries, and some other business involved in wagers. (That’s in addition up to a 30 percent corporate income tax that all businesses pay in Kenya.)

The potentially prohibitive tax enhance will apply to all types of gambling, including online gambling, which accounts for some of the gambling currently taking place in Kenya. Previously Kenya taxed bookmakers at 7.5 percent, casino gambling at 12 percent, raffles and competitions at 15 %, and lotteries at 5 per cent.

Supporters of the income tax and members of President Uhuru’s Jubilee party said it was time for you to contain the development of gambling that is being facilitated by technology but otherwise goes unchecked.

‚ We were very concerned about wagering among school-goers it difficult for people to bet,‘ President Uhuru said during an online town hall in April so we made. ‚ We wish those who bet to have their cash go to projects that a (mehr …)