Kenyan MPs have approved a new 35% tax on gambling companies, in a move that represents a significant increase on the current rate of 7.5%.
Earlier this week, legislators had opted not to back a proposed 50% gambling tax put forward by Kenyan President Uhuru Kenyatta, which in turn led to a delay in the country’s Finance Bill 2017.
Kenyatta refused to sign the Finance Bill as a direct result of the lack of support for his proposed 50% rate, which, according to Citizen TV, he said would help to discourage gambling amongst the youth of Kenya.
However, Kenyatta and MPs were eventually able to compromise on a new rate of 35%, which will apply to all sports betting, gaming, lottery and competition operators in the African country.
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