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Kenyan Treasury moves to restore 20% excise duty on betting stakes

Kenyan Treasury moves to restore 20% excise duty on betting stakes 19th May 2021 | By Daniel O Boyle Kenya’s National Treasury followed through with plans to re-impose a 20% excise tax on betting stakes - a levy that forced leading brand Sportpesa to pull out of the market for over a year - through the country’s 2021 Finance Bill. The bill, which was published last week after being submitted to Parliament at the end of April, says that excise duty on betting “shall be 20% of the amount wagered or staked”. The legislation must be considered by Parliament, first by the Finance Committee of the National Assembly and then by the whole Assembly and Senate, before it would be presented to President Uhuru Kenyatta to be signed into law.

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Kenyan betting awaits Treasury judgement on wagering tax future

Kenyan betting awaits Treasury judgement on wagering tax future Share National Treasury will restore its controversial 20% blanket tax across all wagering verticals. The tax proposal has been submitted to be considered as a directive of Kenya’s 2021/2022 National Budget, the final amendments of which are currently being reviewed by Treasury Secretary Ukur Yattani. Yattani will present the National Budget reading on Thursday 10 June according to a Treasury announcement, outlining new fiscal proposals to boost the state’s balance sheet, rocked by a year of pandemic impacts. The enforcement of a 20% tax imposed on all gambling verticals was first proposed as a measure of Kenya’s 2020 Budget by the

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Treasury brings back 20pc tax on betting

Treasury brings back 20pc tax on betting Wednesday May 05 2021 By JOHN MUTUA Summary The Treasury is seeking to reintroduce excise duty on betting at a rate of 20 percent of the amount staked, a move that could see punters contribute billions of shillings to the exchequer annually. The tax was introduced in 2019 but was removed in July last year through amendments to the Finance Act 2020 following lobbying by betting firms. Treasury Cabinet Secretary Ukur Yatani initially vowed to bring back the tax within six months. The Treasury is seeking to reintroduce excise duty on betting at a rate of 20 percent of the amount staked, a move that could see punters contribute billions of shillings to the exchequer annually.

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SportPesa loses return bid at Court of Appeal

SportPesa loses return bid at Court of Appeal
businessdailyafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessdailyafrica.com Daily Mail and Mail on Sunday newspapers.

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Betpalace cons gambler his winnings, denied his money

Betpalace cons gambler his winnings, denied his money
kenya-today.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kenya-today.com Daily Mail and Mail on Sunday newspapers.

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