Tanzania: Gaming Industry Revenue Climbing
By Daily News Reporter dated 07th March, 2019
REVENUE contributions to the government by the Tanzania gaming industry is set to increase to 96bn/- this financial year, up from 78bn/- paid in the 2017/18 fiscal year, on account of the growth of technological innovation and improved business environment.
Gaming Board of Tanzania Director General James Mbalwe said in Dar es Salaam recently that apart from revenue contributions, various gaming companies had invested a lot of money as capital.
"The improved business environment has led to the gaming industry attracting more investments, leading to increased sector's contributions to economic growth," he said.
Recently, the government banned temporary advertising gaming activities on electronic media.
He added: "Over the past few years, Tanzania has recorded massive growth in tax collections from gaming activities, due to the rising number of players and tighter controls," Mr Mbalwe also said that the growth of technological innovations had witnessed the introduction of online casino games, SMS Lottery and sports betting.
He said more than 20,000 people had secured direct jobs in the companies engaged in gaming sports, thus becoming one of the important sources of employment.
The gaming industry that currently contributes over 3 per cent of the Gross Domestic Product, impacts more on retail trade as experienced in other countries.
Many people tend to visit the lottery locations, which increases demand for goods and services. He said the board had been operating and functioning under laws and regulations for the broader interests of the country.
Mbalwe added that the board was consistently improving infrastructures on Information and Communication Technology (ICT) systems in order to increase revenue collection efficiency.
He said the board plans to transform the current revenue collection system into the electronic version and link it with the systems of the gaming companies used in their day to day operations, in order to increase efficiency in revenue collection.
Statistics show that sports betting companies are taxed 25 per cent, SMS are taxed 25 per cent, each slot machine is charged 43.11 US dollars, the nationals lottery is taxed 20 per cent and machine sites 25 per cent.
Physical casinos are taxed 18 per cent while digital casinos are taxed 25 per cent of revenue after winnings. The Gaming Board was established by the Gaming Act No 4 of 2003 that oversees the whole gaming sector in the country.
Source link : https://dailynews.co.tz/news/2019-03-075c80b592e6681.aspx