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SportPesa is one step closer to getting back in operation after the betting giant arrived at a deal with the Kenya Revenue authority (KRA).
According to insiders, the betting company has agreed to remit the back taxes owed to KRA following the introduction of the 20% tax on winnings.
SportPesa has, however, been able to negotiate for a lower amount to pay back and arrived at an arrangement on how the taxes will be paid in installments.
"They have committed to settle the amounts but asked KRA to spread payments over several years," an official privy to the negotiations told reporters.
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SportPesa CEO Ronald Karauri during a past press briefing. SportPesa inches closer to getting operating license after making tax deal with KRA
Last hurdle before SportPesa is back in operation
The betting company announced that they had received clearance from KRA earlier in the week adding that nitty-gritties of the figures owed and the repayment plan remain confidential.
SportPesa has reapplied for their operating license to the Betting Control and Licensing Board (BCLB) which is yet to issue the document.
The company has arranged for a press conference on Monday to make the announcements officially.
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Sportpesa Paybill Number. SportPesa inches closer to getting operating license after making tax deal with KRA
SportPesa's parent company, Pevans East Africa Ltd, had moved to court seeking compensation for the loses incurred in the two months where their operations were frozen.
High Court judge John Mativo, however, dismissed the application stating that the company had no valid license to operate in Kenya therefore they would not have been making money in any case.