The Ghana Revenue Authority (GRA) is hoping to rake in some GH¢400 million from the new gaming tax.
The new tax, which was effected on August 15, seeks to charge 10 percent tax on bet and lotto wins.
Speaking to journalists, a member of the Gaming Committee at the GRA, Spio Abedu said the taxes will be deducted at source.
He explained 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 400million,” he stated.
The Ghana Revenue Authority (GRA) announced that it will begin implementing a 10% withholding tax on all gross gaming winnings from August 15, 2023.
The GRA explained that the withholding tax will be charged on profits accrued after each win and that the existing 15% Value Added Tax (VAT) rate on each stake will no longer be charged.
The GRA said that the new policy is in line with an amendment to the Income Tax Act 2023 (No.2), Act 1094.
Speaking at a media engagement session, the Commissioner for the Domestic Tax Revenue Division at the GRA, Edward Gyamerah, said that gaming companies that fail to comply with the new policy will face sanctions, including the withdrawal of their licenses