Parliament has passed the Income Tax (Amendment) Bill, which abolishes the controversial betting tax.

The bill will now be forwarded to President John Mahama’s desk for assent.

The betting tax, imposed on sports betting and other related wagers, had been a focal point of public discontent and industry criticism.

• Read also: Parliament passes bill to abolish E-Levy; President Mahama’s assent expected

The NDC government and stakeholders in the betting sector argued that the tax stifled growth in a sector that contributes substantially to the economy, while consumers and advocacy groups maintained that it unfairly burdened a popular leisure activity.

During the parliamentary session on Wednesday, March 26, the Majority highlighted that repealing the tax would not only relieve financial pressure on the industry but also promote a more competitive market environment.

With the passing of the Income Tax (Amendment) Bill, Parliament now signals its intent to rebalance fiscal priorities.

The government has indicated that alternative measures will be explored to offset any potential shortfall in revenue, including enhancing tax compliance in other sectors and broadening the tax base.

Earlier, Parliament passed a bill to abolish the controversial Electronic Transfer Levy (E-Levy).

The move forms part of President John Mahama's promises in his early days at the helm of the country's affairs.