A representative of the Gaming Committee within the Ghana Revenue Authority (GRA), Spio Abaidoo, has indicated that the government could potentially yield approximately GH¢400 million in revenue from the recently implemented gaming tax.
This novel tax imposition involves a 10 percent charge on earnings derived from bets and lotto victories, and the deductions will be executed directly at the source.
In an interview with Citi News, Spio Abaidoo elaborated that, “they are the withholding agent by law of the Commissioner General.
So, they will withhold and pay same to the Commissioner General on the 15th of every month. The amount since 2021 was around 400, so it was suggested that it also includes the gross gaining revenues from the entities. We are looking at something that is close to more than 400 million.”
On Tuesday, August 15, 2023, the Ghana Revenue Authority (GRA) began implementing the 10% withholding tax on all gross gaming profits.
The entity in charge of collecting taxes indicated that the new approach was in keeping with a change made to Act 1094, the Income Tax Act 2023 (No. 2) at the time.
You may remember that the government announced plans to impose taxes on all winnings from gambling, gaming, and lotteries in April of this year.
Many Ghanaians who participated in sports betting criticized the new levy harshly on social media.