Mthuli's Latest Innovation: Taxing the Sports Betting
In a move that’s sure to thrill absolutely no one, the Zimbabwean government has decided to cash in on the booming sports betting scene by introducing a 10% withholding tax on all gross winnings.
Yes, you read that right – every single payout, no matter how small, will now have a chunk taken out by the taxman.
This delightful news was delivered by none other than the embattled Finance Minister, Mthuli Ncube, during his budget presentation for 2025.
Starting from 1 January 2025, this new tax will be in full swing, targeting the rapidly growing gambling sector that’s become a favourite pastime for many, especially the youth.
According to Ncube, this tax is part of a grand plan to boost government revenues and formalise the sector.
Because, apparently, the government has finally realised there's money to be made from people’s love for a good punt.
Mthuli's Latest Innovation: Taxing the Sports Betting
Ncube, with a straight face, explained,
“The popularity of sports betting has surged in recent years, becoming a lucrative industry. This 10% withholding tax ensures that the government can tap into this revenue stream for the benefit of all citizens.”
The government is banking on this tax to rake in significant revenue, though they’ve been a bit coy about the exact figures.
Mthuli Introduces Tax on Spectacles
As with any new tax, the reactions have been mixed. Some see it as a fair way to tax an entertainment-driven industry, while others fear it might push punters towards illegal, unregulated platforms.
So, there you have it. The government’s latest gamble – betting on the bettors. Let’s see how this one plays out.
