Kenya's gambling tax revenues up 24 per cent in FY 2022/2023

More than Ksh15.1 billion was collected by the Kenya Revenue Authority (KRA) from excise duty on betting and winnings tax in the 2022/23 financial year ended 30 June. This is according to a Kenya Revenue Authority (KRA) report released this week.

Revenue grew by 23.9 per cent compared to the previous financial year.

Ksh6.64 billion came from the excise tax on rates, which previously stood at 7.5 per cent. The increase in revenue from this tax compared to the previous financial year was 30 per cent Revenue was also Kshs 925 million more than budgeted.

Withholding tax on winnings totalled Ksh 8.601 billion, an increase of 21.1 per cent compared to the 2021/2022 financial year.

It will be recalled that Kenya's excise tax on rates has been increased from 7.5 per cent to 12.5 per cent with effect from the new financial year.