Banner 3 Banner 2
GhanaNewsWest Africa

GH₵450m Gaming tax Revenue for Ghana in 4yrs

Betting companies in Ghana have since 2019 paid the government an estimated GH₵450 million in various forms, including taxes and licencing fees. This is according to data accessible at the Ghana Revenue Authority (GRA). Gaming Tax Revenue Ghana

Dr. Kweku Ainuson, the secretary of the Ghana Association of Sports Betting Operators (GHASBO), made this announcement at a compliance workshop held in Accra for Association members. He claimed that the US$100 billion global sports betting industry has made a significant contribution to the expansion of the global economy, including Ghana’s.

The GHASBO also urged the government to reconsider delaying the implementation of the revised Act, which imposes a tax on all bet profits, until July 1, 2023, through the GRA.

Mr. Ainuson revealed that the GRA has received a letter to this effect from GHASBO. Mr Ainuson also acts as the Director of Betway Ghana.

In the meantime, as part of its efforts to ensure that all of its members are compliant with the law, GHASBO is also pursuing a self-compliance regulation mechanism for its members.

Additionally, it stated that it was ready to support whatever CSR initiatives the Gaming Commission took.

The Income Tax (Amendment) (No. 2) bill, 2022 was approved by Parliament on March 31, 2023, and it became a law. Among other measures, it reinstated a 10 percent lottery wins tax that had been eliminated in 2017.

Domestic gamblers will be subject to the new tax, which applies to winnings from wagering and lotteries. Additionally, there will be a 20% tax on the revenue of betting businesses operating in the nation. Gaming Tax Revenue Ghana

Read Also: Hot wallet hackers attack Crypto casino and steal $41 million

After the bill was passed, Ghanaians voiced a variety of opinions. While some applauded the decision as a way for the state to raise money, others opposed it as placing yet another burden on an already heavily taxed populace.

According to Thomas Agorsor, a GRA representative, the Authority doesn’t get any taxes in wins from operators since the act was passed and made into law. However, he added that operators who have neglected to calibrate their system must stop operating as of July 1, 2023.

According to him, there is now over two months of grace time for operators to re-calibrate and meet the deadline.

There are currently twenty-one betting businesses running in the nation.

Gary Nimako Marfo, the Gaming Commission’s board chairman, claimed that the organisation had put in place enough monitoring measures to make sure that all legitimate winners get their rewards from operators.

He urged aggrieved gamblers to file complaints with the Commission for prompt reparation.

Seth Nana Amoako, the Financial Intelligence Centre’s (FIC) head of compliance, declared that the FIC is dedicated to ensuring that all betting businesses abide by anti-money laundering regulations and other global standards.

He claims that all bookmakers are required to maintain customer data and update them regularly. They are also supposed to undertake risk analyses to determine their delivery methods, geographic reach, and clientele.

The Data Protection Act 2000, Act 843, requires that all bookmakers register with the Data Protection Commission and offers protection for the information those bookmakers acquire online.

Companies that violate the rules are subject to penalties ranging from 160 to 10,000 penalty units and up to 10 years in prison.

The Gaming Commission and the Ghana Revenue Authority worked together to organise the one-day GHASBO regulatory compliance course powered by Betway.

Participants included representatives from the Financial Intelligence Centre, Data Protection Commission, Criminal Investigations Department (CID) Unit of the Ghana Police Service, and Telecommunications Service Providers. Gaming Tax Revenue Ghana

Jeremiah Maangi

A trusted igaming leader & author for articles bringing positive change in the African gambling industry. African gambling domains broker. Intelligent knowledge of customer acquisition and retention strategies. Available for new & existing gambling operations consulting and marketing services in Africa. Crypto enthusiast.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

You cannot copy content of this page