Over 2,500 To Lose Jobs As Betin Closes 500 Retail Shops
Over 2,500 Kenyans are set to lose their jobs as betting firm Betin moves to close its 500 retail shops in the country, as curtains fall for the book marker fall in the Kenyan market.
“Further to this, we have moved to close our network of 500 retail outlets, forcing a further 2,500 Kenyans to lose their jobs and their livelihood,” Betin said in its latest statement.
The firm that the government’s decision to introduce the 20 per cent withholding tax and a new 20 per cent on excise duty through the Finance Act 2019 rendered their business untenable.
Read: Here’s Why Sportpesa Has Left Kenyan Market
“These policy changes are globally unprecedented and clearly prohibitive to the ongoing commercial existence of the industry,” Betin said.
The firm has further said that it fully complied to tax contribution.
“The claim that we have been avoiding paying tax is false, erroneous and affront to our business values. The KRA and Treasury are misguided in their interpretation of the term ‘winnings’ and as a result, has demanded sums of the money that simply don’t exist,” Betin said.
Early this month, Sportpesa sacked all its 400 employees in the aftermath of its lost battle with the government over renewal of its license.
In a statement, the firm said that it was leaving over hostile business environment imposed by the Kenyan government.
Read: Here’s Why Sportpesa Has Left Kenyan Market
“Sportpesa is disappointed with the decision by the Kenyan legislature to impose a 20% excise tax on all betting stakes. The tax is based on a fundamental misunderstanding by the Rotich led treasury of how revenue generation works in the bookmaker industry,” read the statement in part.
“Until such time that adequate taxation and non-hostile regulatory environment is returned, the SportPesa brand will halt operations in Kenya.”
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