The New Patriotic Party (NPP) has communicated that the plan of the government is to discourage lazy youth from participating in sports betting.
According to the communication director of the party, Mr Richard Ahiagbah, the move would certainly purge the system and ensure that many young ones do not take to gambling.
“Betting is making the youth lazy: a 10% winning tax is another method to decrease the number of youths who gamble,” Mr Ahiagbah wrote on the back of the announcement.
The Government of Ghana is proposing a 10 per cent tax on all winnings from sports betting.
This suggests that whenever a punter wins a bet, he is obligated to pay 10 per cent of that to the government and only keep the other 90 per cent.
Also, the betting companies will be taxed on all their revenues and will be mandated to pay a 20 per cent levy on their proceeds.
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The news as relayed by the Ghana Revenue Authority reads:
Withholding tax on winnings from betting, lottery, and games of chance.
Betting, lottery, and game of chance winnings will now be subject to a 10% withholding tax at the point of payout.
