![GRA starts 10% tax deduction on lottery wins; targets GH¢1.2bn in first year](https://ghheadlines.com/images/default.png)
The Ghana Revenue Authority (GRA) will on August 15 this year start withholding 10 percent tax on the gross winnings of all betting, gaming, lotto and other games of chance across the board.
This decision, the Authority says, follows passage of the Income Tax (Amendment – No 2, Act 2023 (Act 1094) which sets out to impose tax deductions on all sport betting and gaming.
Making an official announcement at a media engagement in Accra, Commissioner of Domestic Tax Revenue Division (DTRD), Edward Gyambrah said the specific deduction applies to winnings operated by private lotto operators, sports betting operators, casinos, route operators, remote interactive game operators, marketing promotions and other game of chance.
Equally, all operators of the lottery are expected to pay a 20 percent tax on gross gaming revenue (GGR) during filing of returns each month.
Indeed, casinos, route operators and marketing promotions companies have already been implementing the policy since June 1, 2023. Sport betting and private lotto operations are expected to commence implementation on August 15, 2023.
The GRA, according to Mr. Gyambrah, is hoping to raise about GH¢1.2billion in the first year of implementing this policy, and in incremental amounts during ensuing years.
“We are widening the tax net to include everyone in this developmental agenda,” the Commissioner said, adding: “Failure of industry players to abide by these rules will lead to sanctions and withdrawal of operational licences”.
The GRA continues to implement a number of tax policy initiatives to boost domestic revenue mobilisation: such as the Electronic VAT, Electronic Tax Clearance Certificate, Upfront payment on imported goods, and excise tax stamp among others.
Other initiatives to shore-up and improve revenue mobilisation include the ongoing e-VAT invigilation exercise, test purchase and mystery shopping exercises by the Authority.
GRA has set a revenue target of GH¢106billion in 2023, of which the Customs Division is expected to collect some GH¢28.5billion.
The post GRA starts 10% tax deduction on lottery wins; targets GH¢1.2bn in first year appeared first on The Business & Financial Times.
Read Full Story
Facebook
Twitter
Pinterest
Instagram
Google+
YouTube
LinkedIn
RSS