Kenya's President rejects Finance Bill implementing 20% excise tax on betting stakes

Finance Bill 2024, which among other things would increase taxes on gambling, has been rejected by Kenya's president William Ruto.

Kenya's President on Wednesday declined to sign a highly contentious finance bill that has sparked nationwide deadly protests, and has sent it back to parliament for amendments, Kenya's Star newspaper and KTN News reported.

Police opened fire on crowds who massed around parliament on Tuesday and later broke into parliament buildings, minutes after lawmakers had voted through tax hikes seeking to raise an additional $2.7 billion.

The document included the introduction of a 20% excise tax on betting stakes. Kenyans will pay the government 20 shillings from every 100 shillings staked in sports betting, gaming and lotteries. Currently, the excise tax on betting stakes is 12.5%.

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.