New proposals to increase betting taxes have been postponed due to significant opposition from the industry during the review of the Finance Bill. The original proposal included considering wagered amounts as part of the withholding tax calculation, but this faced strong resistance from various organizations, including the Association of Gaming Operators of Kenya, Anjarwalla & Khanna, the Law Society of Kenya, PKF, Grant Thornton, the Institute of Public Finance, the Kenya Private Sector Alliance, and the America Chamber of Commerce. In response to the lobbying efforts, the finance committee decided to lower the proposed excise duty on betting from 20 percent to 12.5 percent, which is currently at 7.5 percent.
If the amendments are approved by the House, the taxation on the wagered amount will be set at 12.5 percent, meaning individuals would pay Sh12.50 for every Sh100 staked. However, the wagered amounts will not be subject to taxation as winnings. The association of gaming operators argued that considering wagered amounts as gains would lead to double taxation since stakes are already being charged with excise tax.
By removing the proposal on the definition of winnings, Members of Parliament (MPs) hope to avoid potential legal challenges, as the tax appeals tribunal had previously ruled in favor of separating wagered amounts from winnings. Nonetheless, MPs rejected the request to exempt gaming firms from remitting excise duty and withholding tax on winnings within 24 hours.
Where you can bet without paying tax in Kenya
Are you tired of paying taxes on your sports betting winnings in Kenya? We’ve got the solution for you! Discover the top betting platforms that allow you to enjoy tax-free betting and maximize your earnings.
1xBet App: Experience the thrill of betting without tax deductions with the popular 1xBet app. Join countless Kenyan bettors who enjoy a seamless betting experience while keeping their winnings intact. Say goodbye to unnecessary deductions and say hello to tax-free wins!
CaptainsBet: Trustworthy and reputable, CaptainsBet is another fantastic option for tax-free betting. This reliable platform ensures that you can place your bets without worrying about tax payments. Embrace the excitement of sports betting with no deductions, giving you more value for your hard-earned wins.
Tips for Choosing Tax -Free Betting Sites:
- Reputation: Prioritize betting sites with a solid reputation and positive user reviews. Avoid risky platforms and opt for those with a strong track record of fairness and reliability.
- Charges: Before signing up, carefully review the charges associated with the betting site. Ensure that the overall cost aligns with your budget and expectations.
- Banking Options: Opt for a platform that offers a wide range of payment options, allowing you to choose the method that suits you best. M-pesa deposit and withdrawals ensures convenience and ease of transactions.
- Licenses: Always verify that the chosen betting site is properly regulated and licensed to operate in Kenya. This ensures a safe and legitimate betting experience.
- Bonuses: Don’t forget to explore welcome bonuses! Some betting sites offer attractive bonuses to new members. Take advantage of these perks and boost your betting potential.
Now you know where to bet without worrying about taxes! Enjoy tax-free betting with these recommended platforms and make the most of your sports betting adventures. Happy betting! 🎉💰
I’m Kanyi Muturi and am from Tabuga, a small village in Nakuru. I have been following all sports since I was a kid and have been interested in the gambling side of sports since I was in high school. It took me a little while to get a grasp on all of the different gambling terminology and understand how confusing and complicated it can all seem when you first start.
Are you a professional gambler?
I am a successful gambler. But make no mistake about it: I’m a long-time recreational sports bettor. I’m not a professional gambler. I’m not claiming to be a professional gambler. I’ve never, to my recollection, even been acquainted with a professional gambler. And far be it from me to make the preposterous claim that following my advice will turn you into a professional gambler. It ain’t about that. Not here it ain’t. I just want to teach you a new form of recreation, a fun new pastime in what can sometimes be an unfun life.