In a raft of policy proposals to be presented to the National Treasury, CMA is seeking, among other things, a tax incentive for betting firms that will offer winners bonds or shares in blue-chip companies. The regulator now wants to ride on attractive tax incentives to lure winners to channel part of their millions to the capital markets as savings. This will be deductible from the winner’s income assessment, leading to tax savings. The betting company will also benefit from a lower tax since the figure invested in the capital markets will be tax deductible. We are aware many youths are attracted to betting and we feel it is an area we could leverage,” said Mr Ombara.
Source: Standard Digital November 14, 2017 18:11 UTC