Connect with us

WINNING COMBINATION - SOFTSWISS develops innovative iGaming software products for online casino, sports betting, and beyond. Our products can be delivered as standalone solutions or combined into a single iGaming Platform.

The future of sports betting: BETBY sportsbook is focused on innovation through deep industry knowledge, state-of-the-art software & endless customization possibilities.

Africa

Kenyan MPs Vote to Repeal Sports Betting Turnover Tax

Published

on

Kenyan MPs Vote to Repeal Sports Betting Turnover Tax
Reading Time: < 1 minute

 

The National Assembly of Kenya has approved a budget bill removing the controversial excise tax on betting stakes.

While the 20% excise tax on stakes, which was introduced in the country’s 2019/20 budget, was initially set to be carried over in the 2020/21 finance bill, an amendment put forward by the National Assembly’s Finance and National Planning Committee led to its removal.

The tax removal was suggested by an entity named Shade.co.ke, which said the tax “has made many betting firms strapped for cash hence cutting down on sponsorships to local sports clubs.”

This was then adopted by the Committee, which told Shade that “the reason behind [removing the tax] was that the high level of taxation had led to punters placing bets on foreign platforms that were not subject to tax and thereby denying the government revenue.”

Removing the tax would “reverse the negative effects […] on the industry, which has led to the closure of betting shops in Kenya,” it explained.

In the National Assembly debate, Finance Committee chair Joseph Kirui Limo repeated this sentiment, arguing that the reduced tax would actually increase revenue.

“This is going to enhance revenue, because currently, revenue is going down,” he said.

The bill will now be put before President Uhuru Kenyatta, who can sign it into law or send it back to the legislature.

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

Trending (Top 7)

EuropeanGaming.eu is a premier online platform that serves as a leading information hub for the gaming and gambling industry. This industry-centric media outlet reaches over 200,000 readers monthly, providing them with compelling content, the latest news, and deep-dive insights.

Offering comprehensive coverage on all aspects of the gaming sector, EuropeanGaming.eu includes online and land-based gaming, betting, esports, regulatory and compliance updates, and technological advancements. Regular features encompass daily news articles, press releases, exclusive interviews, and insightful event reports.

The platform also hosts industry-relevant virtual meetups and conferences, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - European Gaming is part of HIPTHER. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.