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Kenya Ups Its Gambling Tax Speed as On The Web Betting Booms Across Africa

Kenya Ups Its Gambling Tax Speed as On The Web Betting Booms Across Africa

So as to corral the growth of a market that has in recent years taken a country by storm, Kenya has imposed a major taxation hike on betting companies.

Kenyan President Uhuru Kenyatta authorized an increase that is huge gambling taxes this week, hoping to slow the growth of 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 up to a 30 % corporate income tax that all organizations spend in Kenya.)

The potentially prohibitive tax increase will connect with all kinds 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 per cent, and lotteries at 5 %.

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

‚ We had been 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 want individuals who bet to have their money go to constructive projects through tax.‘ Weiterlesen