A man was captured on video expressing frustration over the new 10% tax on gross sports betting winnings, set to take effect on January 1 next year.
In a move that has shocked the local betting community, Finance Minister Mthuli Ncube has proposed a 10% tax on gross winnings from sports betting, effective January 2025. This means that punters, who have been enjoying tax-free profits, will now be required to share a portion of their winnings with the government.
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The sports betting industry in Zimbabwe has experienced significant growth in recent years, with more people participating. However, the proposed tax has left many punters feeling disappointed and frustrated.
While the government argues that this move is aimed at broadening the tax base, critics claim it could discourage betting and potentially harm the industry. They also point out that the tax could disproportionately affect small-time gamblers who rely on their winnings to supplement their income.
