{"id":70866,"date":"2024-07-27T10:14:13","date_gmt":"2024-07-27T10:14:13","guid":{"rendered":"https:\/\/chezaspin.com\/blog\/index.php\/2024\/07\/27\/kra-hails-integration-of-betting-firms-into-tax-system-for-improved-revenue-yield\/"},"modified":"2024-07-27T10:14:13","modified_gmt":"2024-07-27T10:14:13","slug":"kra-hails-integration-of-betting-firms-into-tax-system-for-improved-revenue-yield","status":"publish","type":"post","link":"https:\/\/chezaspin.com\/blog\/kra-hails-integration-of-betting-firms-into-tax-system-for-improved-revenue-yield\/","title":{"rendered":"KRA hails integration of betting firms into tax system for improved revenue yield"},"content":{"rendered":"<p><strong>NAIROBI, Kenya, Jul 27 \u2014 Kenya Revenue Authority (KRA) now says its efforts to integrate betting companies\u2019 into its tax system have led to a scale up in revenue collection during the 2023\/24 financial year.<\/strong><\/p>\n<p>The taxman said it reported a 26.2 percent growth in revenue collection from gambling activities, reaching Sh24.2 billion, up from Sh19.2 billion in the previous year.<\/p>\n<p>\u201dThe system integration gave KRA real-time access to 111 companies in the gaming and betting sector that have been on-boarded on the Authority\u2019s Tax System, thereby streaming revenue collection from the sector,\u201d KRA said in a statement on Friday.<\/p>\n<p>The taxman, through the Betting Control and Licensing Board (BCLB), had in August 2023 introduced a comprehensive tax structure applied to the betting and gaming sector.<\/p>\n<p>This included a 15 percent betting tax on revenue generated from betting, a 15 percent turnover tax on all gross earnings, a 20 percent excise duty on amounts staked in betting activities, and a 20 percent withholding tax on winnings from betting, lotteries, gaming, and prize competitions.<\/p>\n<p>The taxes however forced a number of betting companies to cease their operations in the country.<\/p>\n<p>In May,<strong> <\/strong>betting company Betsafe announced its exit from the Kenyan market amid heavy taxation.<\/p>\n<p>It joined other punters who abandoned Kenya, which includes big players who also wound up their Kenyan operations owing to the unsustainable tax regime.<\/p>\n<p>In 2023, for instance, Betin and Betway exited the country.<\/p>","protected":false},"excerpt":{"rendered":"<p>NAIROBI, Kenya, Jul 27 \u2014 Kenya Revenue Authority (KRA) now says its efforts to integrate betting companies\u2019 into its tax system have led to a scale up in revenue collection during the 2023\/24 financial year. The taxman said it reported a 26.2 percent growth in revenue collection from gambling activities, reaching Sh24.2 billion, up from [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-70866","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/70866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/comments?post=70866"}],"version-history":[{"count":0,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/70866\/revisions"}],"wp:attachment":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/media?parent=70866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/categories?post=70866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/tags?post=70866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}