Kenya imposes betting punitive tax
The government of Kenya decided to raise betting taxes in all categories to 50 percent.
Kenya.- Treasury CS Henry Rotich announced during the reading of the 2017-2018 budget at the Parliament that the country is set to rise its gambling taxes to 50 percent in all categories. Several experts had avised MPs to increase the gambling tax rates.
“The expansion of the industry has had negative social effects on society, especially on the youths and vulnerable members of the society,” he said. According to The Star of Kenya, gaming taxes were set at 15 percent, whilst lottery was under a 12 percent and betting 7.5 percent. All of them were raised to 50 percent, and the money obtained will go directly to a sports fund to support the development of the market, culture and arts.
Jakoyo Midiwo, the sponsor of the Bill and member of the Parliament, has been trying to regulate the industry for some time now. “We have proposed in this law that no foreigner can own a gambling licence in Kenya. Many of them, including Chinese and Bulgarians, are not licensed,” he said.
On the other hand, an official complained about the measure and questioned whether the MP had researched the industry before proposing such thing. “Did Midiwo really do good research before tabling the bill? All this hullabaloo about betting…let people do what they wish. People are so concerned about how others live their lives,” he said.
According to Standard Media, he industry is estimated to have a potential gross turnover of US$1.9 billion every year and it could grow exponentially in the next few years years.
