So as to corral the development of a market that has in recent years taken a nation by storm, Kenya has imposed a major tax hike on betting organizations.
Kenyan President Uhuru Kenyatta approved a huge increase to gambling fees this week, hoping to slow the growth of exactly what politicians believe is an undertaxed online gambling boom.
On President Uhuru Kenyatta signed a finance bill into law that will levy a 35 percent tax rate on all gambling revenue for bookmakers, casinos, lotteries, and any other business involved in wagers wednesday. (That’s in addition to a 30 percent corporate income tax that all companies pay in Kenya.)
The potentially prohibitive tax enhance will connect with all types of gambling, including online gambling, which accounts for most of the gambling presently happening in Kenya. Formerly Kenya taxed bookmakers at 7.5 percent, casino gambling at 12 percent, raffles and competitions at 15 per cent, and lotteries at 5 per cent.
Supporters of the taxation and members of President Uhuru’s Jubilee party stated it was time to contain the growth of gambling that is being facilitated by technology but otherwise goes unchecked.
‘ We had been extremely concerned about betting among school-goers it difficult for people to bet,’ President Uhuru said during an online town hall in April so we made. ‘ We would like those who bet to have their cash go to projects that are constructive tax Continue reading “Kenya Ups Its Gambling Tax Rate as On Line Betting Booms Across Africa”