The Ghana Revenue Authority’s Domestic Tax Revenue Division has disclosed that the recently enforced bet tax has produced GH15 million in a month.
According to the GRA, this amount will exceed GH60 million before the end of the football season.
This was disclosed by the Commissioner in charge of DTRD Edward Gyambra.
“We have two streams of taxes: the gross revenue tax and the withholding tax,” he explained.
“During the first month of implementation, we averaged GH¢20 million for the GGR. As for the withholding tax, we’ve just started the betting season, but during the lean season, we averaged GH¢15 million. We anticipate this to quadruple by May.”
The GRA is currently implementing a 10% withholding tax on betting, to raise approximately GH400 million to increase government revenue.
The implementation started on August 15, 2023.
The withholding tax has been imposed on earnings that are accrued after each win.
The GRA further explained that the new policy is in line with an amendment to the Income Tax Act 2023 (No.2), Act 1094.
The GRA further warned that there would be a punitive measure against any gaming company that disregard the new policy.
By: Rainbowradioonline.com/Ghana