Details: Dr. Cassiel Ato Forson, the Minister-Designate for Finance, has dismissed concerns over the potential economic impact of abolishing the betting tax, arguing that its removal will not harm the country’s financial stability.
His comments came in response to a campaign pledge by former President John Dramani Mahama, who had promised to eliminate the betting tax. During his vetting by Parliament’s Appointments Committee on January 13, Dr. Ato Forson pointed out that the revenue generated by the betting tax is under GHC50 million annually.
He emphasized that the economic effects of scrapping the tax would be negligible, as long as government spending is adjusted to compensate for the lost revenue.
“Certain taxes aren’t yielding substantial revenue and shouldn’t be increased. The betting tax, for instance, generates less than GHC50 million a year. It’s more of a nuisance than anything, and removing it won’t have any significant impact on the economy,” he stated.
Source: MyABCLive.com (from Citinewsroom.com)