Individuals will pay 10% of their wins to gov't
The Ghana Revenue Authority (GRA) has served notices to persons who engage in sports betting and lottery about the enforcement of a 10% tax on all earnings stemming from these activities.
The policy is scheduled to become effective on August 15. This tax strategy falls in line with the government's overarching goal of expanding the tax base and strengthening domestic revenue generation.
The advent of this taxation policy gained traction subsequent to the parliamentary approval of three new bills in March 2023.
These legislative enactments encompass the Excise Duty Amendment Bill 2022, the Growth and Sustainability Levy Bill 2022, and the Income Tax Amendment Bill 2022.
As the roll-out date looms, the GRA is taking proactive measures to advise individuals participating in sports betting and lottery engagements to remain well-informed about the forthcoming policy shift and to adhere to it.
Edward Gyambrah, who serves as the Commissioner of the Domestic Tax Revenue Division of GRA in an interview stated, "Starting from the 15th of August, it is anticipated that all earnings from lottery wins will be subject to the appropriate withholding tax of 10%."
Individuals involved in betting and lottery undertakings have voiced their dissatisfaction with the government's stance to tax sports betting and lottery.
JNA/DO
