Home Business Betting firms tax remittance hit Ksh 15B in FY2022/23

Betting firms tax remittance hit Ksh 15B in FY2022/23

PHOTO | Courtesy

Integration of betting and gaming companies into the Kenya Revenue Authority (KRA) tax system enabled the taxman to collect Ksh 15.2 billion in excise duty and withholding tax from 28 taxpayers that have been on-boarded during the fiscal year ended June 30, 2023.

KRA Commissioner General Humphrey Wattanga said the agency is banking on the ongoing tax policy reforms to hit its Ksh 3 trillion revenue target in the 2023/24 financial year.

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The taxman has the huge task of raising Ksh 2.77 trillion by June 2024 and surpassing the 3 trillion mark by the fy2024/25.

To deliver this KRA is banking ongoing tax policy reforms among them the taxation at source program that includes among others the integration of the betting companies into the KRA tax system.

This has seen the tax agency raise a total of Ksh 15.2 billion in FY2021/22 of which excise on betting registered Ksh 6.64 billion and Ksh 9.35 billion in withholding tax.

The use of the Electronic Tax Invoice Management System is another avenue KRA initiative under the program allows KRA to collect information and revenue directly at the source of income on a real-time basis.

During the period in review, a total of 95,732 VAT registered taxpayers on board which led to remittances of Ksh 272.36 billion.

Wattanga says KRA will also intensify demand notices and the debt installment plans agreed upon with taxpayers, which netted 64.6 billion during the period in review as well as enhanced uptake of eTIMS to aid in achieving its revenue target.

Regina Manyara
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