Scrapping betting tax will not affect the economy

The Minister-Designate for Finance, Dr. Cassiel Ato Forson, has downplayed the economic impact of revenue generated from the betting tax, arguing that its removal would not adversely affect the country.

His remarks follow a campaign promise made by President John Dramani Mahama to scrap the tax.

Speaking during his vetting by the Appointments Committee of Parliament on January 13, Dr. Ato Forson noted that the betting tax generates less than GHC50 million annually.

He maintained that removing the tax would have minimal economic consequences, provided expenditure is adjusted to offset the revenue shortfall.

“Some of the taxes are not bringing in any revenue that you should [increase]. For example, the betting tax is bringing in less than GHC50 million a year. It’s a nuisance tax and scrapping GHC50 million will not mean anything in a way that will affect the economy.

“Scrapping betting tax will not affect the forward march of the economy.”

Parliament not aware of your appointment – Afenyo-Markin to Callistus Mahama

…..
Explore the world of impactful news with CitiNewsroom on WhatsApp!

Click on the link to join the Citi Newsroom channel for curated, meaningful stories tailored just for YOU: https://whatsapp.com/channel/0029VaCYzPRAYlUPudDDe53x

No spam, just the stories that truly matter! #StayInformed #CitiNewsroom #CNRDigital