Kenyan president signs off on 35% gambling tax law

Kenyan President Uhuru Kenyatta has signed a new law that will impose a tax of 35% of gross profit on all gambling activities in the country. Last week, MPs voted in favour of the rate, which represents a sharp increase on what operators had been paying. Bookmakers active in the country were paying a 7.5% rate, while lotteries were taxed at 5%, casino gambling at 12% and competitions such as raffles at 15%. However, the new rate is lower than the 50% rate that Kenyatta had originally proposed, before agreeing to drop down to 35%. Kenyatta had refused to sign the Finance Bill as a 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. Related article: Kenya operators to face new 35% gambling tax