Dr. Cassiel Ato Baah Forson, the Minister-Designate of Finance, has played down concerns about the economic implications of removing the betting tax.
Speaking during his vetting by the Appointments Committee of Parliament on Monday, Dr Forson argued that the tax, which generated less than GH¢50 million annually, would have minimal economic consequences if scrapped.
“… Mr. Chairman, some of the taxes are not bringing in any revenue that you should increase. For example, the betting tax is bringing in less than GH¢50 million a year. It’s a nuisance tax and scrapping GH¢50 million will not mean anything in a way that will affect the economy,” he stated.
Dr Forson’s remarks follow a campaign promise by President John Dramani Mahama to abolish the tax.
He indicated that adjusting expenditure to offset the revenue shortfall would be crucial in mitigating any potential economic impact.
The betting tax has been a subject of controversy, with many arguing that it unfairly targeted individuals who relied on betting for their livelihood.
The Ghana Revenue Authority had projected that the tax would generate GH¢1.2 billion ($104 million) in revenue by the end of 2023, although critics had expressed doubts about its economic benefits.
Source: GNA
