The Ghana Revenue Authority (GRA) has initiated necessary measures to ensure full compliance with the new amended Tax Act to enable patrons to pay 10 % withholding tax on gross wins from sports betting and lottery winnings effectively from August 15.
As taxation is the only practical means of raising the revenue to finance government spending, GRA seeks to rake in GH¢1.2 million from lotteries.
Addressing the media ahead of implementation, the Commissioner of Domestic Tax Revenue Division of GRA, Edward Gyambrah said that “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%.”
Mr Edward Gyambrah 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that we have had with you and the support of the Gaming Commission, you can be assured that your license will be withdrawn.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:Mybrytfmonline.com/Solomon Nartey
