In an attempt to corral the growth of a business that has in recent years taken a nation by storm, Kenya has imposed a tax that is major on betting organizations.
Kenyan President Uhuru Kenyatta approved a huge increase to gambling fees this week, hoping to slow the development of exactly what politicians believe can be an undertaxed online gambling boom.
On President Uhuru Kenyatta signed a finance bill into law that will levy a 35 percent tax rate on all gambling revenue for bookmakers, casinos, lotteries, and any other business involved in wagers wednesday. (That's in addition up to a 30 percent corporate income tax that all businesses pay in Kenya.)
The tax that is potentially prohibitive will apply to all types of gambling, including online gambling, which accounts for some of the gambling currently taking place in Kenya. Previously Kenya taxed bookmakers at 7.5 percent, casino gambling at 12 percent, raffles and competitions...