KRA to Collect KSh 500m Daily from Betting Firms in Radical …

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Betting firms operating in Kenya are required to remit taxes at the close of their daily business.
Kenya Revenue Authority (KRA) introduced changes to its tax system that will see the companies pay KSh 500 million daily at 1 am after paying punters.
The taxman interlinked the system with the firms to track the 15% tax on betting and the 20% withholding tax on bet winnings.
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According to Business Daily, Treasury Principal Secretary Chris Kiptoo confirmed the integration of the system as part of KRA's revenue administration reforms.
There will be a real-time transfer of data from the companies to the KRA tax systems through the new Tax Invoice Management System (TIMS).
This will see the taxman collect KSh 15 billion from the sector by the end of the year 2023.
KRA collected KSh 5.67 billion in withholding tax from betting firms as of June 2022, down from KSh 7.09 billion reported during the same period in 2021.
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In November 2022, the taxman recorded a KSh 19.1 billion tax revenue shortfall, against the target of KSh 912.9 billion.
Treasury CS Njuguna Ndung'u was optimistic that this will improve in the subsequent months as KRA race to hit the 2023 revenue targets.
However, Ndung'u warned that 2023 will be a tough year for taxpayers and asked all and sundry to tighten their belts.
The CS called for the implementation of strict austerity measures including the suspension of new development projects.
The former Central Bank of Kenya (CBK) governor said the government will focus on revenue collection as President William Ruto begins to craft his first budget.
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Source: TUKO.co.ke
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