Kenya to lower gambling tax

[The Buzz]

After hiking the tax rate from 7.5% to a whopping 35% in January, Kenya’s National Finance and Planning committee has proposed to reduce the tax on all gambling revenue to 15% and lower the share directed towards social causes from 25% to 5%.

From iGaming Times:

The current tax bill was a part of the Finance Bill for 2017 and was approved by Uhuru Kenyatta, the Kenyan president in June 2017. A number of major players in the gambling industry were discontent as the bill came into effect on January 1, 2018. In addition to the 35 percent tax imposed on local gambling companies, international gambling companies with a gaming license in Kenya are also required to pay a 30 percent corporate tax. This is in addition to a mandatory contribution of 25 percent of their sales revenue for social causes. Under the new bill, the members of parliament are considering bringing down the contribution to the social causes from 25 percent to 5 percent.

Read more here: https://www.igamingtimes.com/2018/08...rd-plans-bans/

[Cash Bonus]

That's great news for Kenyans and it's a substantial tax cut for them. The governments of the world would be doing us all a really big favor if they lowered taxes everywhere.