Parliament’s Majority Leader, Osei Kyei Mensah-Bonsu, is of the view that betting will render the Ghanaian population idle as it does not encourage hard work.
He made this statement while responding to the 10% withholding tax on all total gaming winnings, starting on Tuesday, August 15.
During an interview on Angel FM, a Kumasi-based radio station, the Member of Parliament for Suame advised young individuals to prioritize industriousness over gambling.
“I don’t believe in betting. I don’t believe in luck. I believe in hard work and sweating to get money. Let’s be serious. As for me, I’m against betting coming into the country. I don’t support it because it doesn’t encourage hard work.”
“As an individual, I don’t engage in lottery because I don’t believe in that. I don’t believe in luck. Work hard so God will bless it.”
Starting August 15, 2023, the Ghana Revenue Authority (GRA) will initiate the enforcement of a 10% withholding tax on all overall gaming winnings.
The GRA has clarified that the preceding 15% Value Added Tax (VAT) rate applied to each wager will no longer be in effect. Instead, the withholding tax will be imposed on the profits generated after each successful win.
The GRA elaborated that this adjustment aligns with the modification introduced in the Income Tax Act 2023 (No.2), Act 1094.
Edward Gyamerah, a Commissioner within the GRA’s Domestic Tax Revenue Division, emphasized that stringent measures will be taken against any gaming company that fails to comply with the updated regulation.
Gyamerah pointed out that companies that violate this law will face penalties, including the possibility of having their licenses rescinded.