Sh200m for Sports Academy, penalty introduced to betting firms

first_img0Shares0000The Kenya football U20 teamNAIROBI, Kenya, June 14 – The government has allocated Sh200m for the construction of Sports Academy.While reading the 2018/2019 budget in Parliament on Thursday, Treasury Cabinet Secretary Henry Rotich stated that the initiative is aimed at nurturing and developing talent in the country. As federations continue pleading with the government to come to their aid financially especially the Kenya Rugby Union who threatened to pull out the Kenya 7s and 15s teams from international assignments, the Treasury CS said funding for sports will be enhanced.“To support sports culture and arts I have allocated 200 milling shillings for construction of Sports Academy and 300 million shillings for construction  of ultra modern national  library. Funding for Sports Culture and Arts will be enhanced significantly with the creation of the new fund that will receive money from the taxation of betting and gamming,” Rotich announced.-Betting penalty-SportPesa Chief Executive Officer Ronald Karauri during a past event. PHOTO/FileMeanwhile, betting, lettering and gaming companies received a blow as the government introduced a 20 percent penalty and 2 percent interest on late payment of tax.“Currently there is no penalty on interest on payment of taxes in betting lotteries and gaming sector which has led to none compliance,” Rotich announced.“In order to ensure compliance and prompt payment of tax, I propose to introduce a 20 pc penalty and 2 pc interest on late payment of tax in betting, lottery and gaming act, this will enhance the collection of this taxes that are meant to support Sports, Arts and Culture as well as social development activities in our country,” he added.0Shares0000(Visited 1 times, 1 visits today)last_img

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