Finance and National Planning Minister Dr. Situmbeko Musokotwane has disclosed that government has commenced consultations with betting companies following the introduction of a 10% excise tax on betting.
Dr. Musokotwane explains that following the introduction of a 10% excise tax on betting, some betting companies have suspended parts of their operations, prompting government to engage with affected firms to understand their concerns.
He has however explained to Phoenix News that the tax is designed to protect citizens from social problems linked to betting addiction, not to shut down or disrupt the industry.
Dr. Musokotwane highlighted that betting has caused serious social and financial challenges for many families, and that government wants to balance revenue collection with safeguarding citizens.
He further states that the measure aims to curb excessive gambling while keeping the industry active.
-Phoenix FM