Applicable Taxes

EXCISE TAX

Kwikbet will apply tax on stake as required by the governing laws in Kenya.

Any stake amount shall be subjected to a deduction on 12.5%

Example if you stake ksh.100 the net stake (stake after tax) is 88.89 where this is the total amount calculated by total odds selected.

WITHHOLDING TAX

Kwikbet will also apply taxes on winnings as required by the governing laws in Kenya. All winnings shall be subjected to deduction as per the Income Tax Act stating that withholding tax percentage to be deducted is 20%.

This will be deducted from the total payout (winnings-stake)

EXAMPLE

Therefore, if your stake is Ksh.100 and Total Odds is 5, your final payout is determined when all taxes are applied as follows:

Final Payout={((100×100/112.5)x5)-100}x0.8+100 = Ksh 373.33