Foreign Betting Companies
2021年11月21日Register here: http://gg.gg/wz26s
Betting and Taxes in Kenya – Do I have to pay any taxes?
BLOG 12/06/2019
Overseas Betting Sites – Regional Analysis to Help You Pick a Foreign Betting Site! Here’s the answer for those of you who wonder how to get some extra aid on selecting a local betting companies free of. It is companies that allow betting providers to exchange odds and bet against each other, rather than betting against a sports betting system. While sportsbooks are focused on fixed-odds betting, betting exchanges offer a fluid marketplace where customers can play against others.
It is no secret that gambling is now more popular than ever in Kenya as evidenced by the several sports betting companies that have emerged in recent years. Whether in casinos, at the race track or even on your phone or computer, the allure of a one-time life changing paycheque has driven many to join the craze with only as little as ten shillings needed in order to participate.
In an annual report done by Hootsuite, betting sites top the list of the most searched category on the internet. However, there is a general lack of awareness on the tax implications involved while betting.
Betting in accordance to the Law
There have been instances where people leave a popular betting company because they did not get the ‘full’ winnings’ deposited to their account, the gambler (punter) feels short-changed and this should not be the case.
The Betting, Lotteries and Gaming Act (1966) stipulates the rules and regulations that one needs to abide by when it comes to Betting.
Betting means to wager or stake any money or valuable thing on behalf of any person or, expressly or impliedly to undertake, promise or agree to wager or stake by or on behalf of any person, any money or valuable thing on a horse race, or other race, fight, game, sport, lottery or exercise or any other event or contingency;
In practice, Kenya Revenue Authority (KRA) taxes the winnings of punters (people who place bets) when they wage successful bets. It is important to note that placing of bets is a form of entertainment and does not lead to generation of income because it is a consumption.
Mandate of a bookmaker
A bookmaker is a person who;
*Is in the business of receiving or negotiating bets on his own account or on behalf of others
*A person who receives and negotiates bets.
Betting companies, are required to withhold winnings at a rate of 20% as provided by Sections 10(g), 34(1)(m), 34(2)(i), 35(1)(i), 35(3)(h) and Paragraphs 3(i) and 5(i) of The Third Schedule, Head B of the Income Tax Act, Cap 472. This means that if you place a bet and win Ksh 50,000 you will receive Ksh 40,000. The balance of Ksh 10,000 is withheld by the betting company and remitted to KRA.
Betting tax is chargeable on the gross gaming revenue (GGR) of a bookmaker at the rate of 15% as provided by Section 29A of the Betting, Lotteries & Gaming Act, 1966. Gross gaming revenue means gross turnover less the amount paid out to the customers as winnings. The bookmaker remits 15% of the GGR to KRA on the 20th of every month. Similarly, winnings from casinos, lotteries and prize competitions are taxed at the rate of 15% as provided by sections 55A, 44A and 59B of the BLG Act respectively.
Tax compliance for those who gamble.
It is imperative that each individual involved in betting ensures that they are tax compliant. Additionally, it is important to note that the withheld amount by the bookmaker is final meaning that you do not have to make declarations in your annual Income Tax Returns.
So the next time you are engaged in betting and you get your full winnings after winning a placed bet, you ought to report such companies to Kenya Revenue Authority for non-compliance.By Maureen WangariForeign Betting Companies Of America
(CNN) — Foreign companies are turning their backs on the United States, taking advantage of China’s booming economy and superior management of the Covid-19 pandemic.
Direct investment in the US by foreign companies plummeted 49% to $134 billion last year, according to a report released Sunday by the United Nations Conference on Trade and Development. By contrast, foreign direct investment in China grew by 4% to $163 billion in 2020.
2020 marked the first year in history that foreign direct investment in China overtook that of the US, according to the UN. China is now the world’s largest recipient of foreign companies’ investments.
Although Covid-19 was a large factor in foreign direct investment tumbling in the US -- and most places around the world -- the drop-off in foreign companies’ American investments began well before the pandemic.
After hitting a high of $440 billion in 2015, according to the US Commerce Department, foreign investment in the US has been on a sharp downward slide. Former President Donald Trump’s go-it-alone trade policies hurt foreign investment -- particularly from China, which represented the sharpest drop in US investment over the past several years. Growing economic uncertainty around the globe also contributed to the decline.
Last year, decline in foreign direct investment into the US was most prominent in wholesale trade, financial services and manufacturing, the report said. International mergers and acquisitions, as well as sales of US assets to foreign investors, fell by 41%.
Meanwhile, China’s explosive economic growth -- and quick recovery from the pandemic -- helped foreign investment there soar. China’s economy grew 2.3% last year, when most of the world’s major economies shrank. The country enforced stringent lockdown and population tracking policies intended to contain the virus, and set aside hundreds of billions of dollars for major infrastructure projects to fuel economic growth.
China’s ability to control the spread of the virus ’helped stabilize investment after the early lockdown,’ the report noted.
Foreign direct investment to India has similarly skyrocketed, from less than $25 billion in 2014 -- before Prime Minister Narendra Modi took power -- to $57 billion last year, according to the UN report. Much of that growth was brought about by policies that enabled global brands like Ikea and Uniqlo to open up stores, as well as Modi’s signature ’Make in India’ campaign to grow the country’s manufacturing base.
That helped India’s foreign direct investment soar 13% last year.Online Betting Companies Stock
Most economies weren’t so lucky. Foreign direct investment in the United Kingdom and Italy fell by almost 100%. Russia’s foreign direct investment fell 96%, Germany’s sank 61% and Brazil’s plunged by 50%. Australia, France, Canada and Indonesia -- all among the top foreign direct investment recipients in 2019 -- also fell by double digits.
Overall, foreign direct investment tumbled 42% last year to the lowest level since the 1990s -- and 30% below the lowest level reached during the 2008-2009 global financial crisis. Presidential betting odds las vegas.Spread Betting Companies
The attractiveness of the US as a safe and robust place for foreign companies to invest has been one of the more powerful driving forces behind America’s economic growth over the past several decades. But the UN said the circumstances stopping the flow of foreign direct investment to the US and other countries will remain in place this year.Publicly Traded Sports Betting Companies
’The effects of the pandemic on investment will linger,’ James Zhan, director of UNCTAD’s investment division, said in a statement. ’Investors are likely to remain cautious in committing capital to new overseas productive assets.’Largest Sports Betting Companies
This story was first published on CNN.com ’Foreign companies are giving up on the United States and betting big on China, report says’
Register here: http://gg.gg/wz26s
https://diarynote-jp.indered.space
Betting and Taxes in Kenya – Do I have to pay any taxes?
BLOG 12/06/2019
Overseas Betting Sites – Regional Analysis to Help You Pick a Foreign Betting Site! Here’s the answer for those of you who wonder how to get some extra aid on selecting a local betting companies free of. It is companies that allow betting providers to exchange odds and bet against each other, rather than betting against a sports betting system. While sportsbooks are focused on fixed-odds betting, betting exchanges offer a fluid marketplace where customers can play against others.
It is no secret that gambling is now more popular than ever in Kenya as evidenced by the several sports betting companies that have emerged in recent years. Whether in casinos, at the race track or even on your phone or computer, the allure of a one-time life changing paycheque has driven many to join the craze with only as little as ten shillings needed in order to participate.
In an annual report done by Hootsuite, betting sites top the list of the most searched category on the internet. However, there is a general lack of awareness on the tax implications involved while betting.
Betting in accordance to the Law
There have been instances where people leave a popular betting company because they did not get the ‘full’ winnings’ deposited to their account, the gambler (punter) feels short-changed and this should not be the case.
The Betting, Lotteries and Gaming Act (1966) stipulates the rules and regulations that one needs to abide by when it comes to Betting.
Betting means to wager or stake any money or valuable thing on behalf of any person or, expressly or impliedly to undertake, promise or agree to wager or stake by or on behalf of any person, any money or valuable thing on a horse race, or other race, fight, game, sport, lottery or exercise or any other event or contingency;
In practice, Kenya Revenue Authority (KRA) taxes the winnings of punters (people who place bets) when they wage successful bets. It is important to note that placing of bets is a form of entertainment and does not lead to generation of income because it is a consumption.
Mandate of a bookmaker
A bookmaker is a person who;
*Is in the business of receiving or negotiating bets on his own account or on behalf of others
*A person who receives and negotiates bets.
Betting companies, are required to withhold winnings at a rate of 20% as provided by Sections 10(g), 34(1)(m), 34(2)(i), 35(1)(i), 35(3)(h) and Paragraphs 3(i) and 5(i) of The Third Schedule, Head B of the Income Tax Act, Cap 472. This means that if you place a bet and win Ksh 50,000 you will receive Ksh 40,000. The balance of Ksh 10,000 is withheld by the betting company and remitted to KRA.
Betting tax is chargeable on the gross gaming revenue (GGR) of a bookmaker at the rate of 15% as provided by Section 29A of the Betting, Lotteries & Gaming Act, 1966. Gross gaming revenue means gross turnover less the amount paid out to the customers as winnings. The bookmaker remits 15% of the GGR to KRA on the 20th of every month. Similarly, winnings from casinos, lotteries and prize competitions are taxed at the rate of 15% as provided by sections 55A, 44A and 59B of the BLG Act respectively.
Tax compliance for those who gamble.
It is imperative that each individual involved in betting ensures that they are tax compliant. Additionally, it is important to note that the withheld amount by the bookmaker is final meaning that you do not have to make declarations in your annual Income Tax Returns.
So the next time you are engaged in betting and you get your full winnings after winning a placed bet, you ought to report such companies to Kenya Revenue Authority for non-compliance.By Maureen WangariForeign Betting Companies Of America
(CNN) — Foreign companies are turning their backs on the United States, taking advantage of China’s booming economy and superior management of the Covid-19 pandemic.
Direct investment in the US by foreign companies plummeted 49% to $134 billion last year, according to a report released Sunday by the United Nations Conference on Trade and Development. By contrast, foreign direct investment in China grew by 4% to $163 billion in 2020.
2020 marked the first year in history that foreign direct investment in China overtook that of the US, according to the UN. China is now the world’s largest recipient of foreign companies’ investments.
Although Covid-19 was a large factor in foreign direct investment tumbling in the US -- and most places around the world -- the drop-off in foreign companies’ American investments began well before the pandemic.
After hitting a high of $440 billion in 2015, according to the US Commerce Department, foreign investment in the US has been on a sharp downward slide. Former President Donald Trump’s go-it-alone trade policies hurt foreign investment -- particularly from China, which represented the sharpest drop in US investment over the past several years. Growing economic uncertainty around the globe also contributed to the decline.
Last year, decline in foreign direct investment into the US was most prominent in wholesale trade, financial services and manufacturing, the report said. International mergers and acquisitions, as well as sales of US assets to foreign investors, fell by 41%.
Meanwhile, China’s explosive economic growth -- and quick recovery from the pandemic -- helped foreign investment there soar. China’s economy grew 2.3% last year, when most of the world’s major economies shrank. The country enforced stringent lockdown and population tracking policies intended to contain the virus, and set aside hundreds of billions of dollars for major infrastructure projects to fuel economic growth.
China’s ability to control the spread of the virus ’helped stabilize investment after the early lockdown,’ the report noted.
Foreign direct investment to India has similarly skyrocketed, from less than $25 billion in 2014 -- before Prime Minister Narendra Modi took power -- to $57 billion last year, according to the UN report. Much of that growth was brought about by policies that enabled global brands like Ikea and Uniqlo to open up stores, as well as Modi’s signature ’Make in India’ campaign to grow the country’s manufacturing base.
That helped India’s foreign direct investment soar 13% last year.Online Betting Companies Stock
Most economies weren’t so lucky. Foreign direct investment in the United Kingdom and Italy fell by almost 100%. Russia’s foreign direct investment fell 96%, Germany’s sank 61% and Brazil’s plunged by 50%. Australia, France, Canada and Indonesia -- all among the top foreign direct investment recipients in 2019 -- also fell by double digits.
Overall, foreign direct investment tumbled 42% last year to the lowest level since the 1990s -- and 30% below the lowest level reached during the 2008-2009 global financial crisis. Presidential betting odds las vegas.Spread Betting Companies
The attractiveness of the US as a safe and robust place for foreign companies to invest has been one of the more powerful driving forces behind America’s economic growth over the past several decades. But the UN said the circumstances stopping the flow of foreign direct investment to the US and other countries will remain in place this year.Publicly Traded Sports Betting Companies
’The effects of the pandemic on investment will linger,’ James Zhan, director of UNCTAD’s investment division, said in a statement. ’Investors are likely to remain cautious in committing capital to new overseas productive assets.’Largest Sports Betting Companies
This story was first published on CNN.com ’Foreign companies are giving up on the United States and betting big on China, report says’
Register here: http://gg.gg/wz26s
https://diarynote-jp.indered.space
コメント