10% tax on betting, lottery winnings takes effect August 15
The Ghana Revenue Authority (GRA) has issued notifications to sports betting and lottery companies regarding the implementation of a 10% tax on all winnings, effective from August 15.
This move is part of the government’s strategy to expand the tax base and increase domestic revenue.
The Ghana Revenue Authority has stated that it has implemented necessary measures to ensure full compliance with the newly amended Tax Act, with a goal of generating GHC 1.2 million from lottery activities.
The policy was initially revealed when Parliament passed three new bills in March 2023: the Excise Duty Amendment Bill 2022, the Growth and Sustainability Levy Bill 2022, and the Income Tax Amendment Bill 2022.
The GRA is now urging individuals involved in these gaming activities to be aware of the new tax policy and comply accordingly.
Over the past decade, Ghana’s betting industry has witnessed significant growth, attracting numerous companies to establish their presence in the country.
While some Ghanaians express concerns about its impact on the youth, others view it as a lawful activity as long as no regulations are violated.
However, some Ghanaian sports enthusiasts are anxious about the decision and how it might affect their earnings.