So as to corral the growth of an industry that has in recent years taken a country by storm, Kenya has imposed a major income tax hike on betting organizations.
Kenyan President Uhuru Kenyatta authorized an increase that is huge gambling taxes this week, hoping to slow the development of exactly what politicians believe is definitely 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 % corporate income tax that all businesses spend in Kenya.)
The potentially prohibitive tax increase will connect with all forms of gambling, including online gambling, which accounts for most of the gambling presently happening 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 per cent.
Supporters of the income tax and members of President Uhuru’s Jubilee party stated it was time and energy to contain the growth of gambling that is being facilitated by technology but otherwise is certainly going unchecked.
‘ We were very 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 wish individuals who bet to have the Continue reading Kenya Ups Its Gambling Tax Rate as On Line Betting Booms Across Africa