The Domestic Tax Revenue Division of the Ghana Revenue Authority has revealed that they have been able to raise Ghc 15 million since introducing the tax on betting.
GRA announced that the amount is likely to reach an amount of Ghc60 million by the end of the football season.
They announced that the firm has two streams namely the gross revenue tax and the withholding tax.
Giving an update since the introduction of the tax the director stated “We have two streams of taxes; the gross revenue tax and the withholding tax.
“During the first month of implementation, we averaged Ghc20 million for the GGR. As for the withholding tax, we’ve just started the betting season but during the lean season, we averaged Ghc15 million. we anticipate this to quadruple by May.”
The GRA has announced that a tax regime that swaps 12% VAT on every stake of a bet or a lottery for a 10% withholding tax on winnings will start on August 15.
The new tax system for bets and lottery is part of revisions under the amended Income Tax Act 2023 (No.2), Act 1094.
