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Title : KRA opposes more betting, lottery tax

KRA opposes more betting, lottery tax

Article business, Business Daily Kenya: 

The Kenya Revenue Authority (KRA) yesterday disclosed eight major gaming companies in the country have paid Sh4.7 billion in taxes in the last three financial years even as the taxman opposed any levy increases for the industry.

KRA Commissioner-General John Njiraini disclosed that remittance of taxes was highest in the 2016 /17 financial year when the firms paid Sh3.3 billion as compared to 2015/2016 where they paid Sh1.2 billion and Sh120 million in 2014/2015.

“As you can see there has been an increase in payments of taxes in the last one-and-a-half years,” Njiraini said yesterday.

Appearing before the Parliamentary committee on labour and social welfare Njiraini said if the Betting, Lotteries and Gaming (amendment) Bill sponsored by Gem MP Jakoyo Midiwo sails through the National Assembly it will increase the exchequer revenues but the benefits would be short-lived.

He said high taxation on goods and commodities considered as socially undesirable by some people leads to reduced demand, underground economy, tax evasion, and could push investors out of the country.

He said KRA recommends retention of existing taxation regimes to determine the most appropriate regulatory and tax structure of an industry that will balance between social, revenue collection and investment priorities.

“KRA generally recommends simplification of legal regimes for ease of tax administration. Complex regimes generally complicate tax administration and encourage evasion,” he said.

Njiraini also told the committee that the tax rate as proposed in the Bill is above the continental benchmarks and opposed the introduction of sharing formulae of funds in the gambling industry where 30 per cent would be prize money, 65 per cent for charitable activities and five per cent to cover running costs.

“The philosophy for tax taxing betting, lotteries and gaming revenue is partly to discourage gambling while also creating avenues for raising revenue.

The application of this principle nevertheless requires moderation to ensure that business continues to operate and thrive.”

He said the sharing formulae of funds is inconsistent with prudent business practice and should be deleted to allow the firm to determine the amounts they wish to allocate to charity.

The post KRA opposes more betting, lottery tax appeared first on Mediamax Network Limited.

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