Kenya MPs say yes to higher gambling taxes

[The Buzz]

In case you missed it last week, Kenya gambling companies will start paying higher taxes sooner than originally planned after MPs approved the increases and changed the law on betting, lotteries and gaming.

The firms will now have to pay 7.5 per cent of their revenue to the taxman by the 20th of each month after paying out winnings, while lotteries will pay five per cent of their turnover by the same deadline. Gaming companies will also hand in 12 per cent of their revenue after paying out winnings. For competitions in which one has to pay to take part, the prize competition tax has been set at 15 per cent of the total gross turnover.

The changes were made via the Finance Bill, which was passed by a handful of MPs on Tuesday and were proposed by the Finance Committee on behalf of the Treasury.

Here's a link to the full story from Yogonet: http://www.yogonet.com/international...gambling-taxes