News
SportPesa, Betin Win 20pc Tax Row Over Bet Prizes
A tribunal has ruled that 20pc withholding tax should be based on net winnings and not gross in favour of SportPesa and Betin Kenya.
This means a punters stake should not be taxed. The Tax Appeals Tribunal sitting in Nairobi ruled that the 20 pc tax should be charged on the positive difference between the payout made and stakes placed in a given month.
The Kenya Revenue Authority (KRA) has been demanding billions of shillings in tax from bookmakers based on the gross amount of the payout to the punters, including the staked amount.
Whether this verdict will see SportPesa and Betin return back to Kenyan market is still in question, the betting firms had decided to call it quits after the 20 pc tax was put into place.
“Sportpesa is disappointed with the decision by the Kenyan legislature to impose a 20% excise tax on all betting stakes. The tax is based on a fundamental misunderstanding by the Rotich led treasury of how revenue generation works in the bookmaker industry…, Until such time that adequate taxation and non-hostile regulatory environment is returned, the SportPesa brand will halt operations in Kenya.” Read a statement released by Sportpesa.
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