Did you know that for every Ksh.100 staked, KRA takes away Ksh.7.5?

Did you know that for every Ksh.100 staked, KRA takes away Ksh.7.5?

In an effort by the government to tame rogue entities, betting firms will now be required to make real-time remittances to KRA. This is after a pilot project to link the tax system with the betting sector was successfully implemented by KRA. During the pilot, the taxman integrated into its system a total of 35 betting firms who contribute about 90% of all taxes from all betting firms in the country.

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The 15% imposed on betting, gaming and lottery as well as 20% withholding tax imposed on winnings from punters should be remitted to the taxman by 1am daily. Through the finance bill 2022, the government also re-introduced a 7.5% tax on every betting stake; therefore, for every Kes.100 staked, Kes. 7.5 goes directly to the taxman.

During the first phase, KRA’s focus was to onboard the big firms who dominated mainly on online sports like Sportpesa, Betin, Betika, Odibet, MozzartBet, Betway etc. While the second phase will target other smaller firms.

Since its role out less than a month ago, KRA has been able to increase its earnings from betting firms by 50%.

Do you think this digital strategy to increase revenue by the government will work?  We would like to hear your thoughts.

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