Zimbabwe's finance minister just cranked up taxes on the betting scene, with bookmakers getting slammed from 3 percent to 20 percent of their revenue, while punters are getting hit with a 25 percent cut on winnings instead of the previous 10 percent. Mthuli Ncube said operators have been dodging taxes through shifty accounting, and the industry has been blowing up with 8-10 percent growth without paying its fair share. The bookmaker tax becomes a final payment, though, meaning companies dodge corporate income tax going forward.
The minister also went off about gambling causing addiction problems, debt spirals, and even suicides as the sector keeps expanding faster than regulators can handle. The massive tax jump hits all licensed betting shops, lotteries, and casinos across the country.
The minister also went off about gambling causing addiction problems, debt spirals, and even suicides as the sector keeps expanding faster than regulators can handle. The massive tax jump hits all licensed betting shops, lotteries, and casinos across the country.
