The implementation of a 10% withholding tax on all gross gaming winnings from August 15, 2023, the Ghana Revenue Authority (GRA) has announced.
According to the GRA, the withholding tax will be charged on profits accrued after each win and 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.
Commissioner for the Domestic Tax Revenue Division at the GRA, Edward Gyamerah, address a press briefing and said gaming companies that fail to comply with the new policy will face sanctions.
Such companies he added would have their licenses withdrawn.
“Come August 15, we expect that when you are making the payments, you will withhold 10 percent to the Ghana Revenue Authority (GRA). As you have been appointed as withholding agents, the obligation is on you to withhold. If you fail to do that, with the interactions we had with you and with the support of the gaming commission, you can be assured that your licenses will be withdrawn,” he said.
Meanwhile, the GRA has also announced the introduction of new excise duties on beverages.
The Head of the Compliance Excise Unit at the GRA, Nelson Bright Atsu, disclosed that fruit juices, grapes, and vegetable juices that are unfermented and do not contain added spirits or sugar will now attract a 20% excise duty.
The excise duty on other beverages has been increased from 17.5% to 20%.
He stated that beverage companies that use more local raw materials will be eligible for a rebate on their excise duty payments.
By: Rainbowradioonline.com/Ghana
