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Patrons of Sports betting and other lotteries will from 15th August 2023 pay 10% withholding tax on gross wins.
The Ghana Revenue Authority says it has instituted necessary measures to ensure full compliance to the new amended Tax Act.
The GRA aims to earn GHC1.2 million through lotteries.
“The Income Tax Amendment Act 2023, Act 1094 which amended the Income Tax Act has introduced withholding tax on lottery winning. With the discussion we have had with industry players, come 15th of August we expect that all lottery wins will start paying appropriate withholding tax of 10%,” Commissioner of Domestic Tax Revenue Division of GRA, Edward Gyambrah said while addressing the media ahead of implementation.
He warned that lotto and gaming operators who fail to comply will lose their license.
“As you have been appointed as a withholding agent, the obligation is on you to withhold. If you fail to do that with the interaction that we have had with you and the support of the Gaming Commission, you can be assured that your license will be withdrawn. You can’t stay in a country without complying with the tax laws. We need the revenue, taxes to develop the country. So players in this industry you are required to ensure that come 15th August you start full implementation of the withholding tax. And if you fail, sanctions will apply.”
Source: Starrfm.com.gh
