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The parliament of the country has unveiled new plans to lower taxes for the legally operating online sports betting companies.
The Upper House of Kenya has decided to cut the proposed tax on lottery and betting winnings to 10 per cent and supported the option to lower gaming levies by more than half to 15 per cent.
As Business Daily Africa reported, the Finance and National Planning Committee has proposed a reduction of tax on winnings from the 20 per cent that the Treasury had presented to 10 per cent.
The Joseph Limo-chaired committee said in its report on the consideration of the Tax Laws (Amendment) Bill, 2018: “To be able to increase the tax base to also include winnings who form approximately 88 per cent of all the revenue generated from these activities and because this is the first time taxation is being introduced, the committee was of the view that 20 per cent is too high and hence the adoption of 10 per cent for both residents and non-residents.”
T
he committee was in favour of the Treasury’s proposal to reduce gaming tax from 35 per cent to 15 per cent. The move gives hope to companies that have opposed the new tax, which came into effect on January 1st.
Source: FocusGamingNews
Source: European Gaming Industry News
