Kenya Rugby Union urges says the 50% tax on betting, lottery and gaming firms will hurt the game
The Kenya Rugby union has called on the government to review 50% tax on betting, lottery & gaming firms.
In a press release sent to news rooms through the Chief Executive Officer Ronald Bukusu the Union says the tax will hamper the growth of the game.
The proposal, contained in the Finance Bill 2017 and announced by Treasury Cabinet Secretary Henry Rotich in his recent Budget Statement, seeks to increase the current tax rate payable under the Betting, Lotteries, and Gambling Act to 50 per cent.
If implemented, the industry will be taxed half of its gross earnings before expenses, including marketing costs, and thereafter subjected to a further 30 per cent tax on net profit after deduction of all other expenses.
Below is the press release by the union from the C.E.O Charles Bukusu
The newly created National Sports , Culture and Arts Fund is intended to support development of Sports , Culture and arts.
Monies are collected from taxed proceeds of betting firms and thereafter pooled into the proposed fund for distribution to various sports, culture and art related activities and organizations.