Kenyan government implements 20% excise tax on betting stakes in the Finance Bill 2024

Kenyans will pay the government 20 shillings from every 100 shillings staked in sports betting, gaming and lotteries. This is a requirement in the Treasury's Finance Bill 2024, the text of which became known the previous day.

Currently, the excise tax on betting stakes is 12.5%. A year earlier it had already been raised from 7.5%. An increase in excise duty to 20%, to the level existing in 2019, was also proposed in the Finance Bill 2023, but this was abandoned.

Moreover, the new Finance Bill also proposes to increase the excise duty on mobile money transfer service fees and bank money transfer fees from 15% to 20%. Measures aimed at increasing tax revenues in the 2024-2025 financial year will also affect a number of services and essential goods.

The Finance Bill 2024 is expected to be passed by the Cabinet and submitted to Parliament for discussion and approval by the end of June. In this case, the document will enter into force on July 1, 2024.