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111 Pages«<109110111
Alternative investment-Sport pesa
radiomast
#2201 Posted : Wednesday, October 02, 2019 4:26:44 PM
Rank: Member


Joined: 2/15/2018
Posts: 301
hardwood wrote:
It is very wrong to collect money from impoverished kenyans to go and sponsor premier league clubs and formula 1 racing, while also enriching the eastern european owners of the gambling firms. The illicit transfer of resources from poor africa to rich europe must be condemned. That is modern day slavery and it must be stopped. Gambling should be outlawed.


Gambling will not be outlawed. What has happened is that Sportpesa has been forced out to make way for gambling firms owned by well connected Kenyans.

At least Sportpesa was making it possible for Kenyan youth to earn a living playing sports or in other capacities like referees, physiotherapists, equipment managers etc.

A country that has a high youth unemployment rate needs such opportunities. Now a youth who would have opportunities to make money as a boxer will now resort to mugging and robbery and burglary.

The betting companies that are left will not invest anything in Kenyans. The owners will stash their money overseas and use it to bribe politicians like Mariga and Jumwa and Khalwale.
murchr
#2202 Posted : Wednesday, October 02, 2019 4:36:56 PM
Rank: Elder


Joined: 2/26/2012
Posts: 15,010
2012 wrote:
murchr wrote:
radiomast wrote:
2012 wrote:
murchr wrote:
Why is the govt frastrating gambling/sports betting yet that is money circulating in the economy?

I may not agree with these firms sponsoring clubs in the UK but why is there so much aggression against local betting firms? Sports betting is big money to the economies all over the world.

What happened to Kibaki's dream of making Isiolo the center of gambling in Kenya?


How exactly is this money circulating in the economy??? Everton is not within our economy! I have no issue with building a Vegas in Isiolo or North Eastern where the rich go but these small bets of 20 bob on promises of making millions in an impoverished country like Kenya is a disaster for the young jobless generation. Safaricom as much as I respect it, is an enabler of poverty.



Sportpesa was sponsoring 2 or 3 local football teams, sponsoring the KPL, boxing, rugby .......

Given that this is Kenya, I suspect that Sportpesa was forced out to make way for another gambling company owned by a senior gava official


Even the small winnings are money circulating in the economy. As I stated above, the sponsoring of an English club was stupid, it even exposed them to too much scrutiny, but as long as they were sponsoring teams that the govt had no other way o sustaining them then its a loss.



When you see a company where the major shareholders are forge in and don't even leave here then know that most of the money is repatriated out of the country. This is a private business that is in the sector of greed that's why even paying taxes is an issue.


Even the largest shareholders of google and microsoft dont leave live here. That is another nonsensical thinking. The govt should have mechanisms to control the movement of money in an economy
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
Angelica _ann
#2203 Posted : Thursday, November 07, 2019 6:48:19 PM
Rank: Elder


Joined: 12/7/2012
Posts: 10,995
SportPesa, Betin win tax row on bet prizes


https://www.businessdail...-asAMP-u3qe9r/index.html
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
whiteowl
#2204 Posted : Saturday, November 09, 2019 12:43:35 PM
Rank: Veteran


Joined: 4/16/2014
Posts: 1,375
Location: Bohemian Grove
[quote=Angelica _ann]SportPesa, Betin win tax row on bet prizes


https://www.businessdail...asAMP-u3qe9r/index.html[/quote]

Tax revenue has evaporated so the damage is already done.
Angelica _ann
#2205 Posted : Saturday, November 09, 2019 5:50:24 PM
Rank: Elder


Joined: 12/7/2012
Posts: 10,995
whiteowl wrote:
[quote=Angelica _ann]SportPesa, Betin win tax row on bet prizes


https://www.businessdail...asAMP-u3qe9r/index.html[/quote]

Tax revenue has evaporated so the damage is already done.


What do you mean, fafanua?
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
dunkang
#2206 Posted : Saturday, November 09, 2019 6:35:12 PM
Rank: Elder


Joined: 6/2/2011
Posts: 4,809
Location: -1.2107, 36.8831
Angelica _ann wrote:
whiteowl wrote:
[quote=Angelica _ann]SportPesa, Betin win tax row on bet prizes


https://www.businessdail...asAMP-u3qe9r/index.html[/quote]

Tax revenue has evaporated so the damage is already done.


What do you mean, fafanua?

tax collected by kra since july 2019 from gambling activities has dropped by up to 90%, so, the damage is already done.
Receive with simplicity everything that happens to you.” ― Rashi

Queen
#2207 Posted : Monday, November 11, 2019 8:28:48 AM
Rank: Member


Joined: 11/21/2018
Posts: 182
Location: Britain
dunkang wrote:
Angelica _ann wrote:
whiteowl wrote:
[quote=Angelica _ann]SportPesa, Betin win tax row on bet prizes


https://www.businessdail...asAMP-u3qe9r/index.html[/quote]

Tax revenue has evaporated so the damage is already done.


What do you mean, fafanua?

tax collected by kra since july 2019 from gambling activities has dropped by up to 90%, so, the damage is already done.


It hurts to think of the sort of policy makers we have in this country.

One day, KRA will collect 100% tax of nothing. E.g instead of collecting 5% of 100 bob, they will find themselves collecting 100% of zero bob.
whiteowl
#2208 Posted : Wednesday, November 13, 2019 5:45:38 PM
Rank: Veteran


Joined: 4/16/2014
Posts: 1,375
Location: Bohemian Grove
@guka and all the other big time punters beware.Betting firms have been ordered to report accounts with huge transactions. You might find yourself on some watchlist.
Njunge
#2209 Posted : Thursday, November 14, 2019 11:27:25 AM
Rank: Elder


Joined: 2/7/2007
Posts: 897
whiteowl wrote:
@guka and all the other big time punters beware.Betting firms have been ordered to report accounts with huge transactions. You might find yourself on some watchlist.


I saw that but I need not worry since I have no dirty money to clean😆
mkenyan
#2210 Posted : Friday, November 15, 2019 9:15:12 PM
Rank: Veteran


Joined: 4/1/2009
Posts: 1,778
Njunge wrote:
whiteowl wrote:
@guka and all the other big time punters beware.Betting firms have been ordered to report accounts with huge transactions. You might find yourself on some watchlist.


I saw that but I need not worry since I have no dirty money to clean😆

all about tax and kra
Angelica _ann
#2211 Posted : Friday, December 06, 2019 3:45:20 PM
Rank: Elder


Joined: 12/7/2012
Posts: 10,995
Is there a new tax on betting on the bet amount/stake?
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
Njunge
#2212 Posted : Friday, December 06, 2019 10:36:48 PM
Rank: Elder


Joined: 2/7/2007
Posts: 897
Angelica _ann wrote:
Is there a new tax on betting on the bet amount/stake?


Seen that too. Approx 17% of stake. Where is that from?
whiteowl
#2213 Posted : Saturday, December 07, 2019 4:39:53 AM
Rank: Veteran


Joined: 4/16/2014
Posts: 1,375
Location: Bohemian Grove
Njunge wrote:
Angelica _ann wrote:
Is there a new tax on betting on the bet amount/stake?


Seen that too. Approx 17% of stake. Where is that from?


Just checked the local bookies. 17% on stake then there is still withholding tax on winnings. It must be orders from KRA. Its not in any law but those guys haven't been following laws or court orders unless its in their favour.
passiveinvestor
#2214 Posted : Saturday, December 07, 2019 8:16:59 AM
Rank: Member


Joined: 12/8/2006
Posts: 88
whiteowl wrote:
Njunge wrote:
Angelica _ann wrote:
Is there a new tax on betting on the bet amount/stake?


Seen that too. Approx 17% of stake. Where is that from?


Just checked the local bookies. 17% on stake then there is still withholding tax on winnings. It must be orders from KRA. Its not in any law but those guys haven't been following laws or court orders unless its in their favour.

It was in the Finance Bill 2019.
https://www.businessdail...73634-694ovw/index.html
whiteowl
#2215 Posted : Saturday, December 07, 2019 12:53:55 PM
Rank: Veteran


Joined: 4/16/2014
Posts: 1,375
Location: Bohemian Grove
passiveinvestor wrote:
whiteowl wrote:
Njunge wrote:
Angelica _ann wrote:
Is there a new tax on betting on the bet amount/stake?


Seen that too. Approx 17% of stake. Where is that from?


Just checked the local bookies. 17% on stake then there is still withholding tax on winnings. It must be orders from KRA. Its not in any law but those guys haven't been following laws or court orders unless its in their favour.

It was in the Finance Bill 2019.
https://www.businessdail...73634-694ovw/index.html


There was a TAT ruling against implementation of the 20% tax. They ignored it and filed an appeal. Why even bother with the appeal if they can't abide by the ruling?
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