Madina Members of Parliament (MP) Francis-Xavier Sosu, along with four other MPs has presented a private member’s bill to Parliament aimed at repealing the 10% withholding tax on betting and gaming winnings.
In a letter addressed to the Clerk of Parliament on November 7, the MPs argued that the current economic hardships necessitate policies that reduce financial strain on citizens.
They emphasized that taxing gaming winnings adds to the economic burden of Ghanaians, particularly in the wake of the Domestic Debt Exchange Programme (DDEP).
The MPs expressed concerns that this tax exacerbates issues of unemployment and financial hardship and highlighted the lack of safety nets for vulnerable populations.
They stressed the importance of implementing tax policies that ease the cost of living, encourage savings, promote investment, and drive sustainable economic growth.
“Considering the impact of the Domestic Debt Exchange Programme (DDEP), and the related exacerbation of the twin challenges of unemployment and economic hardships, as well as the seeming lack of adequate safety measures to cushion vulnerable Ghanaians against daily pressing needs.
“There is, therefore, an urgent need to introduce programmes, including tax policies and measures that seek to rescue Ghanaians in light of the harsh economic realities, reduce the cost of living, promote savings and investments, and achieve economic stability and sustainable growth, hence this Bill.”
The Ghana Revenue Authority (GRA) introduced the 10% withholding tax on all gross gaming winnings on August 15, 2023, replacing the previous 15% VAT on each stake, under the amended Income Tax Act of 2023 (Act 1094).