Sports Fund: Betting companies could be taxed to generate revenue – Sports Ministry

Sports News of Tuesday, 12 December 2017

Source: citifmonline.com

2017-12-12

Isaac Asiamah 3Minister of Youth and Sports, Isaac Asiamah

The Ministry of Youth and Sports is set to hold a Stakeholders Forum on Thursday as part of efforts to establish the National Sports Development Fund.

The Fund, which is geared towards finding alternative sources of funding for the Ministry was backed by the Finance Ministry during the 2018 Budget reading last month.

According to the Public Relations Officer of the Sports Ministry, Elvis Adjei Baah, the fund will seek to generate revenue through the possible taxation of Sports betting companies in the country among others.

“There has been a lot of talk on sources of funding for the fund, and taxing is one thing that has been discussed.

“Sports Lottery has also been discussed as other countries make money from their lotteries, with Kenya as a major example.

“If you look at the activities of the sports betting companies, they could be a major contributor to the fund. There have been discussions on taxation of these companies, so we will see what will happen,” he said.

He however failed to put a timeline on when the fund would become fully functional.

“It is difficult to put timelines on it because some of the proposals will have to go through legal, and in some cases, parlia1mentary procedures. It will take time but it will surely come to fruition.

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