Kenya’s finance Cabinet Secretary Henry Rotich on Thursday 3 trillion shillings($29 billion) 2019/20 budget that saw the introduction of new tax measures.
Those targeted include gamblers and alcoholic drinkers in order to raise more money for exchequer.
While tabling the budget before parliament in Nairobi, Rotich introduced a 10 percent tax on betting firms on amounts staked.
“Betting has become widespread in our society and its expansion has had negative social effects, particularly to the young and vulnerable members of our society. In order to curtail the negative effects arising from betting activities, I propose to introduce excise duty on betting activities at the rate of ten percent of the amount staked,” said Rotich.
Rotich also increased excise duty on alcohol and cigarettes with 15 percent.
The Cabinet Secretary said that the economy is resilient in the midst of significant global and domestic headwinds.
“In 2018, our economy grew by 6.3 percent, up from 4.9 percent in the previous year. This growth is the highest to have been recorded for the past 8 years and well above the sub Saharan Africa region average growth of 3.0 percent and the global average of 3.6 percent, reinforcing the advantages of a diversified and reforming economy,” he noted.
JK/abj/APA