The Majority Leader in Parliament, believes the Ghana Revenue Authority’s 10% withholding tax on all gross gaming earnings is justified.
Osei Kyei Mensah-Bonsu stated that the tax, which is set to go into effect on Tuesday, August 15, is a wise policy.
Betting, in his opinion, encourages laziness and discourages individuals from working hard.
In an interview with Kumasi-based Angel FM on Thursday, Suame MP exhorted the youth to work hard and stop gambling.
“I don’t believe in betting. I don’t believe in luck. I believe in hard work and sweating to get money. Let’s be serious. As for me, I’m against betting coming into the country. I don’t support it because it doesn’t encourage hard work.”
“As an individual, I don’t engage in lottery because I don’t believe in that. I don’t believe in luck. Work hard so God will bless it.”
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Such companies he added would have their licenses withdrawn.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we had with you and with the support of the gaming commission, you can be assured that your licenses will be withdrawn,” he said.