Gamblers, Motorbike operators biggest losers in new budget
Gamblers and motorbike operators are some of the biggest losers in the 2021-2022 Financial Budget read by Treasury CS Ukuru Yatani today.
While reading the budget in parliament, Yatani proposed a ksh. 20 percent excise duty on the amount of money used to bet.
The CS explained that this follows the widespread betting activities in the society that have caused negative effects.
“The finance act 2020 removed excise duty on betting, this caused a lot of public debate. Considering that betting has become widespread in our society resulting in negative social effects. In this regard, I propose to re introduce 20 percent excise duty on betting on the amount wagered,” he said.
Yatani has also proposed an excise duty of Ksh. 5 on every gram nicotine of nicotine product.
According Yatani, the Nicotine pouches are a new product in the market that have not been having the same excise duties as the cigarettes.
“Mr Speaker, innovations in the tobacco industry have led to the introduction of new products such as Nicotine Pouches, in this regard, I propose excise duties on products containing Nicotine or Nicotine substitutes at a specific rate of Ksh. 5 per gram,” he said.
The CS also proposed an excise duty of 15 percent on motorbikes priced Ksh. 79,000 and above.