Treasury exempts horse racing from steep betting taxes

Treasury exempts horse racing from the 7.5 percent excise duty on the amount wagered or staked. The Finance Act, 2022 took effect on July 1. The aim is to promote horse races and create jobs. Football attracts the highest number of gamblers in Kenya followed by horse race. Ngong Racecourse is one of only four racecourses in Africa. It hosts the biggest race, the Kenya Derby. A High Court ruling overturned a 7% excise tax on stakes. MPs said the increase in taxes on betting will encourage people to bet in offshore companies. They said it was necessary to give the sector time before increasing taxes.