The Ministry of National Treasury is intending to lobby for the reintroduction of excise duty on betting at a 20 per cent rate of the stake amount.
The Treasury CS Ukur Yatani said his ministry will propose an increase of the tax inthe next financial year.
He said the move is aimed at curbing gambling addiction among the youth that is currently on the rise.
Currently, the tax rate is at 7.5 per cent and the increase is likely to spark controversy with betting firms, bettors and parliament.
In June 2021, the parliament had rejected a proposal by the Treasury to increase the tax to 20 per cent but instead it was lowered to the current 7.5 per cent rate.
Yatani was not ammused by the parliament for failing to approve the increment saying rejecting the proposal was encouraging betting among the youth amid State concerns that youth are entrapped in debts because of betting.
“We are not very happy with what Parliament did. Parliament in its own wisdom rejected the 20 percent but we will make another attempt through the Finance Bill,” Yatani said.
With the increment of the tax on betting stakes, the taxman is hoping to control gambling addiction especially among the youth.
In some extreme cases, some individuals have lost large sums of money meant for fees, rent or other development ventures hoping to double their money.