According to the Ghana Revenue Authority (GRA), the new gaming tax is expected to bring in about GH¢400 million.
A 10% tax on lottery and bet winnings is proposed by the new tax.
Member of the GRA’s Gaming Committee, Spio Abedu, stated on Accra-based Citi FM that, the taxes would be taken out at the point of sale.
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 ¢400 million,” he stated.
A 10% withholding tax on all gross gaming winnings will go take effect on August 15, 2023, according to a statement from the Ghana Revenue Authority (GRA).
The Value Added Tax (VAT) rate of 15% that was previously applied to each stake will no longer be applied, according to the GRA.
Instead, withholding tax will be applied to profits that are accrued after each win.
According to the GRA, the new policy is in line with an update to the Income Tax Act of 2023 (No. 2), Act 1094.
Edward Gyamerah, the Commissioner for the Domestic Tax Revenue Division at the GRA, during a media engagement warned gaming companies that, failing to follow the new policy could result in sanctions such as the revocation of their licenses.
