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 7.5%
Example if you stake
ksh.100 the net stake (stake after tax) is 93.02 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={((100×100/107.5)x5)-100}x0.8+100 = Ksh 392.08
|
ODDS |
5.00 |
|
GROSS STAKE |
100 |
|
EXCISE TAX |
6.98 |
|
NET STAKE |
93.02 |
|
POSSIBLE WIN |
465.10 |
|
WITHHOLDING TAX |
73.02 |
|
PAYOUT |
392.08 |