Betting firms to pay 35 per cent tax

Betting firms to pay 35 per cent tax

Betting firms will now pay a tax of 35 percent from the current 15 percent.

This is after MPs approved the 35 percent tax on gambling firms as proposed by President Uhuru Kenyatta after the National Assembly rejected an earlier proposal of 50 pc tax by National Treasury Cabinet Secretary Henry Rotich.

The proposal was approved by the House Finance Committee led by Ainamoi MP Benjamin Langat which had been given until Friday by National Assembly Deputy Speaker Joyce Laboso to table it’s report before MPs head for recess until the August 8th polls.

The President made the 35 percent recommendation to the Speaker of the National Assembly Justin Muturi after he rejected to assent to the Finance Bill 2017 this Tuesday.

In his memorandum the President said he rejected the Bill because MPs dropped the 50 percent proposal on gambling firms that was designed to discourage the youth from engaging in betting.

“The purpose of Amendment of Section 59 B of Cap 469 was to discourage Kenyans, and especially the youth, in directing their focus on betting, lottery and gaming activities instead of productive economic engagement, a vice that is likely to degenerate into a social disaster,” read a statement to newsrooms.

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