Parliament Repeals Betting Tax as Income Tax (Amendment) Bill Passes
Parliament has passed the Income Tax (Amendment) Bill, effectively abolishing the controversial betting tax. The bill now awaits President John Mahama’s assent to become law.
The betting tax, imposed on sports betting and related wagers, had faced widespread opposition from industry players and the public. Critics argued that it stifled growth in a sector that significantly contributes to the economy, while consumers saw it as an unfair burden on a popular leisure activity.
During deliberations on Wednesday, March 26, the Majority emphasized that repealing the tax would alleviate financial pressure on the industry and foster a more competitive market environment.
With the passage of the amendment bill, Parliament signals a shift in fiscal priorities. The government has assured that alternative measures will be explored to compensate for any revenue shortfall, including enhanced tax compliance and a broader tax base.
The repeal of the betting tax follows Parliament’s recent decision to abolish the Electronic Transfer Levy (E-Levy), aligning with President Mahama’s commitment to revising the country’s tax policies.
Source:https://norvanreports.com/
