The Ghana Revenue Authority (GRA) is hoping to rake in some GH¢400 million from the new gaming tax.
The new levy aims to impose a 10% tax on lottery and wager winnings.
A member of the GRA’s Gaming Committee who spoke with Citi News was Spio Abedu, who stated the taxes will be taken out at the source.
According to the law of the Commissioner General, they are the withholding agent, he said. As a result, on the fifteenth of each month, they will withhold and pay the same to the Commissioner General. It was recommended that because the sum since 2021 was close to 400, it should also include the gross earning profits from the entities. We are dealing with a figure that is about 400 million,” he said.
the implementation of a 10% withholding tax on all gross gaming profits from the Ghana Revenue Authority (GRA)
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.
