Betting companies to pay taxes

By Judith Akolo

Betting companies will now be made to pay tax on the funds raised through gambling and lottery activities if a bill seeking to amend the Betting, Lotteries and Gaming Act comes into law.

The Bill sponsored by Leader of the Majority Aden Duale will however not occasion any additional expenditure of public funds.

The rise in the number of betting and lottery companies has seen Parliament seek to have the companies regulated through a tax system.

The ease of betting brought about by mobile telephony is facilitating the fast rise in gambling activities in the country.

In the past it has not been mandatory for gaming companies to pay taxes and instead advance at least 10 percent of the proceeds to needy causes such as donating to a charity organization of their choice.

However, it has not been certain if this has actually been happening.

With the new Bill, such money will be collected by the Kenya Revenue Authority in a more structured manner.

  

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