It has emerged that winners of the lotto and betting activities in the country are now expected to pay a 10% tax on their earnings from previous 5% charged.
This follows the passage of a new Income Tax Act ‘increment’ announced by the government which takes effect immediately.
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This was revealed by renowned Sports broadcaster, Saddick Adams ” Obama” on his official Twitter handle.
There’s a tax on your bet wins now.
You call yourselves investors so now help build the nation. pic.twitter.com/uQv8vpJXxh
— Saddick Adams (@SaddickAdams) April 5, 2023
The government of Ghana has recognized the lottery activities as an investment activity in the West Africa nation which has over 20 lottery companies and online betting companies since 2016, therefore when you make any claim, you will be subject to a 10% withholding tax at the point of payout, the reported said.
Ghana has introduced a new tax on betting, games of chance, and lottery wins. The 10% tax on all winnings will apply to both domestic and overseas competitors.
In addition, betting companies operating in the country will face a 20% tax on their revenue.
Ghanaians have had diverse reactions to the introduction of this new tax. While some have hailed the decision as a means of generating cash for the government, others have criticised it as yet additional burden on an already financially taxed population.
The betting industry in Ghana has grown significantly in recent years, with many Ghanaians turning to it to make quick money.
Lotto and betting games are highly patronized across the country.
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