In a significant move aimed at easing financial burdens and stimulating economic growth, the government has announced the abolition of the 10% Betting Tax and the 1% Electronic Levy (E-Levy) in the 2025 budget.
Finance Minister Dr. Cassiel Ato Forson made the announcement in Parliament, stating, “Mr. Speaker, we will abolish the 10% withholding tax on winnings from lottery, otherwise known as the ‘Betting Tax,’ and we will abolish the 1% Electronic Transfer Levy (E-Levy).”
The removal of these taxes is part of the government’s strategy to create a more business-friendly environment and promote economic expansion.
While these taxes are being removed, the government will implement alternative revenue measures, including reducing the tax refund ceiling and enhancing tax compliance.
Additionally, Value Added Tax (VAT) reforms are planned to address inefficiencies and simplify the tax structure.
