In a major victory for businesses and individuals, Parliament has passed a landmark bill repealing two contentious taxes: the Emission Levy and the Betting Tax. This move is expected to inject new life into industries hard-hit by these tax policies.
The Emission Levy, introduced in 2024, was touted as a measure to curb carbon emissions and promote sustainability. However, it sparked widespread outrage among vehicle owners and businesses, who felt the financial burden was too great to bear.
Similarly, the 10% Betting Tax, aimed at taxing earnings from sports betting and gambling activities, was met with fierce resistance from betting companies and patrons.
Critics argued that the Betting Tax had a devastating impact on the industry, discouraging participation and causing a decline in revenue for operators.
By abolishing these taxes, the government aims to revamp the tax landscape, potentially impacting income brackets, corporate taxation, and deductions.
As the bill awaits President John Dramani Mahama’s signature, businesses and individuals are breathing a sigh of relief. This move is seen as a major step towards promoting economic growth and competitiveness in Ghana.